WASHINGTON (dpa-AFX) - (Adds Outlook)
CBRE Group, Inc. (CBRE) revealed a profit for second quarter that decreased from the same period last year but beat the Street estimates.
The company's bottom line totaled $130 million, or $0.42 per share. This compares with $201 million, or $0.64 per share, in last year's second quarter.
Excluding items, CBRE Group, Inc. reported adjusted earnings of $248 million or $0.81 per share for the period.
Analysts on average had expected the company to earn $0.75 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.
The company's revenue for the quarter rose 8.7% to $8.391 billion from $7.720 billion last year.
Outlook
For fiscal 2024, the company now expects core earnings per share of $4.70 to $4.90, higher than previously expected $4.25 to $4.65.
The Street estimates earnings of $4.43 per share for the year.
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