STRONGER revenue from sales and outsourcing helped global commercial property agent CBRE to surprise Wall Street last night despite leasing revenue falling in the Americas.
The group posted a 16 per cent fall in fourth-quarter net income fell to $79.8m (£50.2m), or 25 cents per share. Earnings excluding charges rose 29 per cent to $149.3m, or 46 cents per share, beating analysts’ average forecast of 44 cents per share.
Quarterly charges of $69.5m were related to CBRE’s acquisition of asset management businesses from ING REIM and to layoffs.
Revenue rose seven per cent to $1.76bn, trailing the $1.86bn forecasted. But Europe fared better, with revenues rising nine per cent.
Mike Strong, chief executive of the Europe, Middle East and Africa division, said the figures “demonstrate the effectiveness of our long-term strategy of building a trusted, broad based business that delivers results for clients, whatever the market environment”.
The Los Angeles firm estimated 2012 earnings, excluding charges, of $1.20 to $1.25 a share, versus analysts’ average forecast of $1.25.
Its stock fell one per cent in after hours trading following the report.
