Core EPS Jumps 28% as Revenue Climbs 13% to $11.5B
CBRE is trading near its 52-week low of $121.69 (11% above the low).
Summary
CBRE posted Q3 core EPS of $2.05, up 28% from $1.60, on revenue of $11.5 billion, up 13%. GAAP EPS rose 26% to $1.52, and net income was $443 million. The quarter extends the momentum from Q2, when core EPS rose 30% and revenue grew 16%. The standout is critical infrastructure services, where revenue jumped 80% in the quarter, driven by data center services and the Pearce Services acquisition; on a trailing 12-month basis that business is up 50% to $4.5 billion. Advisory was mixed: global property sales revenue rose 28% with U.S. up 37%, but global leasing grew only 6% and U.S. office leasing fell 2%. Project Management growth slowed to 3% on weaker corporate capital spending. Free cash flow was $1.8 billion trailing 12 months, and the company has bought back nearly $1.2 billion of stock year-to-date, with net leverage at 1.36x. The earnings call is at 8:30 a.m. ET today.
At the time of this announcement, CBRE was trading at $134.65 on NYSE in the Real Estate & Construction sector, with a market capitalization of approximately $39B. The 52-week trading range was $121.69 to $174.27. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: BusinessWire.