CB Richard Ellis profit tumbles 68%
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Commercial real estate broker CB Richard Ellis Group Inc. said Tuesday that first-quarter profit fell 68%, the first decline in almost three years, on charges related to its purchase of Trammell Crow Co. for $1.9 billion.
Net income fell to $12 million, or 5 cents a share, from $36.9 million, or 16 cents, a year earlier, the Los Angeles-based company said. Revenue increased 62% to $1.2 billion.
Excluding one-time charges, net income rose 62% to $65 million, or 27 cents a share. By that measure, the company beat the average estimate of 15 cents by analysts surveyed by Bloomberg.
“Our first-quarter results were bolstered by extremely strong growth” in Europe and the Asia-Pacific region and higher asset management revenue, President and Chief Executive Brett White said.
CB Richard Ellis shares rose as much as 4.6% to $35.20 in after-hours trading. Before the earnings news, the shares closed down 20 cents at $33.65.
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