CBRE reports 31% revenue increase in Q3 2014
Third Quarter 2014 Results
CBRE Group, Inc. (NYSE:CBG) reported very strong revenue and earnings growth for the third quarter ended September 30, 2014.
• Revenue for the quarter totaled $2.3 billion, an increase of 31% from $1.7 billion in the third quarter of 2013.
• Excluding selected items1, net income2 rose 33% to $132.6 million from $99.7 million in the third quarter of 2013, and adjusted earnings per diluted 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.
• On a U.S. GAAP basis, net income rose 13% to $107.1 million, compared with $94.4 million for the third quarter of 2013. GAAP earnings per diluted share rose 14% to $0.32, compared with $0.28 in last year’s third quarter.
• Excluding selected items, EBITDA3 increased 30% to $292.2 million from $225.2 million in the third quarter of 2013. EBITDA3 (including selected items) rose 31% to $292.9 million for the third quarter of 2014, from $224.4 million for the same period a year earlier.