CBRE Group, Inc. Reports Strong Revenue and Earnings for Third-Quarter 2011

Earnings Per Share Rise 20% to $0.24



CBRE Group, Inc. (NYSE:CBG) reported strong revenue and earnings for the third quarter ended September 30, 2011.

Revenue for the quarter totaled $1.5 billion, an increase of 21% from $1.3 billion in the third quarter of 2010.

Net income on a U.S. GAAP basis improved to $63.8 million, or $0.20 per diluted share, for the third quarter of 2011, an increase of 12% and 11%, respectively, from $57.0 million, or $0.18 per diluted share, for the third quarter of 2010.

Excluding selected charges1, net income2 totaled $77.7 million, or $0.24 per diluted share, for the current-year quarter, up 24% and 20%, respectively, from $62.4 million, or $0.20 per diluted share, in the third quarter of 2010.

Earnings Before Interest Taxes Depreciation and Amortization (EBITDA) rose 5% to $179.0 million for the third quarter of 2011 from $169.9 million a year earlier.

Excluding selected charges, EBITDA increased 11% to $194.8 million in the current period from $175.5 million in the third quarter of 2010. EBITDA and EBITDA, excluding selected charges, included $7.4 million of net carried-interest expense (versus a benefit of $1.4 million in the third quarter of 2010) in the Global Investment Management business, and $8.6 million of insurance and legal reserves in the Americas business. Without these expenses, EBITDA, excluding selected charges, would have risen 21% for the quarter.

CBRE Group, Inc., a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services firm (in terms of 2010 revenue). The Company has approximately 31,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting.

Please visit our Web site at www.cbre.com.

Read full article at: http://pennygovernance.com/?p=17028



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