CBRE raises annual profit forecast after strong leasing market drives quarterly revenue

CBRE

24/10/2024 14:06

Oct 24 (Reuters) - Real estate services provider CBRE
Group  CBRE.N  on Thursday raised its full-year profit forecast,
after a strong business in leasing market helped with
better-than-expected quarterly revenue, sending the company's
shares up 4.8% before the bell.
    The company said quarterly global leasing revenue surged
19%, supported by a 24% increase in the United States, as
greater economic certainty buoyed corporate decision-making
about office space.
    Revenue from property sales worldwide increased for the
first time in eight quarters, CBRE said, after high interest
rates kept buyers off the market in previous quarters.
    Dallas, Texas-based CBRE now expects 2024 core profit per
share between $4.95 and $5.05, up from its prior forecast of
between $4.70 and $4.90 per share.
    CBRE reported core adjusted earnings per share of $1.20 for
the third quarter, above analysts' average expectations of $1.06
per share, according to data compiled by LSEG.
    Its revenue for the quarter ended Sept. 30 rose 14.8% to
$9.04 billion. Analysts on average estimated revenue at about
$8.80 billion.

 (Reporting by Rupali Chaudhary; Editing by Vijay Kishore)
 ((Rupali.Chaudhary@thomsonreuters.com;))