CBRE Group Q3 Profit Increases; Lifts 2014 Adj. EPS View

(RTTNews) - CBRE Group Inc. (CBG) reported that its net income attributable to the company for the third quarter ended September 30, 2014 rose 13% to $107.1 million, from $94.4 million for the third quarter of 2013. GAAP earnings per share rose 14% to $0.32, compared with $0.28 in last year's third quarter.

Excluding selected items, net income rose 33% to $132.6 million from $99.7 million in the third quarter of 2013, and adjusted earnings per share also improved 33% to $0.40 from $0.30 in the prior-year period.

For the third quarter, selected items (net of income taxes) totaled $25.5 million - including $14.1 million related to the early re-payment of debt and $11.8 million of non-cash amortization relating to prior acquisitions - versus $5.3 million for the same period in 2013.

Revenue for the quarter totaled $2.3 billion, an increase of 31% from $1.7 billion in the third quarter of 2013.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.34 per share and revenues of $2.09 billion for the quarter. Analysts' estimates typically exclude special items.

With two months left in 2014, CBRE's full-year performance is coming into sharper focus. Therefore, the company raised its adjusted earnings per share guidance for the full year 2014 to a range of $1.65 to $1.70. Analysts expect annual earnings of $1.67 per share.

The company said in July that it expected full-year earnings per share, as adjusted, to be in the range of $1.60 to $1.65.