Have you been eager to see how CBRE Group, Inc. (CBG - Free Report) performed in Q2 in comparison with the market expectations? Let’s quickly scan through the key facts from this Los Angeles, CA-based, real estate operation firm’s earnings release this morning:
An Earnings Beat
CBRE Group came out with adjusted earnings per share of 65 cents, beating the Zacks Consensus Estimate of 53 cents.
Results reflect strength in regional services business and solid organic growth in global occupier outsourcing business and benefit from cost control efforts.
How Was the Earnings Surprise Trend?
CBRE Group has a decent earnings surprise history. Before posting an earnings beat in Q2, the company delivered positive surprises in all the four trailing quarters, as shown in the chart below.
Overall, the company surpassed the Zacks Consensus Estimate by an average of 13.5% in the trailing four quarters.
Revenue Came Lower Than Expected
CBRE Group posted revenues of around $3.34 billion, which missed the Zacks Consensus Estimate of $3.36 billion. However, revenues were higher than the year-ago number of around $3.21 billion.
Key Developments to Note
CBRE Group has raised its outlook for 2017 adjusted earnings per share to $2.53–$2.63, which at the mid-point implies a 12% increase for full-year 2017.
What Zacks Rank Says
CBRE Group currently has a Zacks Rank #2 (Buy). However, since the latest earnings performance is yet to be reflected in the estimate revisions, the rank is subject to change. While things apparently look favorable, it all depends on what sense the just-released report makes to the analysts. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Check back later for our full write up on this CBRE Group earnings report later!
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