CB Richard Ellis said on Wednesday it expects to post earnings per share of $1.20 to $1.25 this year after having reported earnings of $1.03 in 2011.
CB Richard Ellis said on Wednesday it expects to post earnings per share of $1.20 to $1.25 this year after having reported earnings of $1.03 in 2011.
'The global real estate market remains in recovery as we enter 2012. The pace of recovery, however, remains slow and inconsistent,' CEO Brett White said. 'Despite these challenges, we expect [...] both improved financial performance for our shareholders and superior results for our clients in 2012.'
The Los Angeles-based broker saw earnings rise 37% in 2011 from $0.75 in the same period a year before. Profit increased 19% to $239 mln in 2011, compared to $200 mln in 2010.
Revenue for the full-year 2011 increased 15% to $5.9 bn, versus $5.1 bn for 2010, while Earnings Before Interest Taxes Depreciation and Amortization (EBITDA) yielded only a slight rise to $693 mln, versus $647.5 mln in the same period a year before, largely as a result of selected charges of $109 mln primarily related to the acquisition of the ING REIM businesses and cost containment actions.
'2011 was a year of unexpectedly tough operating conditions in many parts of the world, particularly in the back-half of the year. Nevertheless, we recorded our second-best year ever for both revenues and normalized EBITDA,' White added.