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NEW YORK - CBRE Group, Inc. (NYSE:CBRE) reported fourth-quarter earnings on Thursday that exceeded analyst expectations, with strong performance across its business segments driving record core earnings and free cash flow.
The global commercial real estate services and investment firm posted adjusted earnings per share (EPS) of $2.32 for the fourth quarter, surpassing the analyst consensus of $2.22.
Revenue for the quarter reached $10.4 billion, up 16% YoY and above the $10.24 billion estimate. CBRE’s net revenue, which excludes pass-through costs, increased 18% in Q4 compared to the same period last year.
"The fourth quarter was CBRE’s best quarter ever for core earnings and free cash flow with broad strength across our business," said Bob Sulentic, CBRE’s chair and chief executive officer.
For the full year 2024, CBRE reported adjusted EPS of $5.10 on revenue growth of 12%. The company generated $1.7 billion in net cash flow from operations and $1.5 billion in free cash flow for the year.
Looking ahead, CBRE provided guidance for 2025, projecting core EPS between $5.80 and $6.10, which represents mid-teens growth at the midpoint compared to 2024.
The company also announced it had repurchased more than $800 million worth of shares since the end of the third quarter of 2024, reflecting management’s confidence in CBRE’s future prospects.
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