Commercial real estate services provider CB Richard Ellis Group, Inc. (CBG), Tuesday reported a profit for the second quarter, compared to a loss last year, reflecting higher revenues on improved performance across geographic segments. Both earnings and revenue for the quarter came in ahead of analysts' estimates. Following the news, CBG shares gained more than 6% in after hours' trade.
The Los Angeles, California-based company's second quarter income from continuing operations was $37.54 million or $0.15 per share, compared to a loss of $13.71 million or $0.02 per share in the prior-year period.
Net income attributable to the company for the quarter was $54.79 million or $0.17 per share, compared to a loss of $6.64 million or $0.02 per share in the preceding-year period.
Results for the quarter include cost containment expenses of $1.60 million and amortization expense related to customer relationships acquired of $1.84 million.
Excluding charges, net income would have totaled $58.80 million or $0.18 per share for the current-year quarter, up from $9.66 million or $0.04 per share in the second quarter of 2009.
On average, six analysts polled by Thomson Reuters expected the company to report earnings of $0.09 per share for the quarter. Analysts' estimate typically exclude special items.
Revenue for the quarter was $1.17 billion, up 23% from $0.95 billion in the same quarter a year-ago. Six Wall Street analysts expected revenues of $1.10 billion for the quarter.
Brett White, chief executive officer of CB Richard Ellis, said, "Our financial performance continued to strengthen across most business lines globally, and we have good momentum entering the year's second half."
"In the U.S., we saw a very strong pick up in property sales and leasing, reflecting recovering market conditions. Europe produced robust growth, fueled by the recovery of the property sales market in the larger economies, such as the U.K., Germany and France. Asia Pacific also sustained the strong top-line growth that first became evident there late last year," White added.
Revenue rose at a double-digit rate across all major business lines, except Development Services, with property sales and leasing growing globally by 61% and 29%, respectively.
By geography, revenue for the Americas region rose 20% to $722.3 million for the second quarter from last year. Revenue for the EMEA region rose 28% to $225.4 million from the previous year. In the Asia Pacific region, revenue rose 29% to $158.7 million from last year.
Equity income from unconsolidated subsidiaries for the quarter was $14.23 million, compared to a loss of $1.74 million a year ago.
Among others in the industry, Chicago, Illinois-based Jones Lang Lasalle, Inc. (JLL), reported second-quarter net income attributable to common shareholders of $31.76 million or $0.72 per share, compared to a net loss of $14.43 million or $0.40 per share last year. Revenue for the quarter was $680.32 million, up from $576.14 million a year ago.
CBG closed Tuesday's regular trading at $15.41, down $0.16 or 1.03%, on a volume of 3.70 million shares on the NYSE. In after hours, the stock increased $0.97 or 6.29%, trading at $16.38. In the past 52-week period, the stock trended in a range of $9.76 - $17.98, with a 3-month average volume of 5.12 million shares.
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