Colliers International Group Inc. (CIGI), an investment manager, on Tuesday reported a rise in net profit for the third quarter, reflecting an improvement in revenue, helped by almost all segments.
However, excluding items, earnings came in below the Street view.
In addition, the company has revised up its full-year earnings growth guidance, while reaffirming revenue growth expectations.
For the three-month period to September 30, the company registered net earnings attributable to company of $37.227 million, higher than $25.113 million, reported for the same period last year.
Net earnings surged to $69.377 million or $0.73 per share from $29.376 million or $0.53 per share a year ago.
Excluding items, profit was $67.049 million or $1.32 per share, up from prior year's $56.757 million or $1.19 per share.
The Street estimate for earnings stood at $2.05 per share for the quarter. Analysts' estimates typically exclude special items.
Earnings before income tax also surged to $90.508 million from $47.472 million a year ago.
Operating income was $109.737 million, compared with $70.899 million in 2023.
Revenue was $1.179 billion, up from previous year's $1.056 billion, but below analysts' expectation of $1.63 billion.
Revenue from Real Estate Services segment increased by 9 percent to $734.9 million, from prior year's $677.3 million, helped by a growth across all services lines, as expected.
Looking ahead, for the full year, the company now expects adjusted income per share growth of 6 percent to 12 percent, compared with prior outlook of 11 percent to 21 percent.
Annual revenue growth is still projected to be in the range of 8 percent to 13 percent.
Jay S. Hennick, CEO of Colliers, said: "As we enter 2025, we anticipate additional upside from an improving capital markets environment, expanded investment strategies and capital raising opportunities in Investment Management and continued incremental growth through acquisitions across all three segments."
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