CBRE reports higher Q3 revenues amid European bounce

Property adviser CBRE has singled out the European region as a driver of a strong revenue and earnings growth in the third quarter of 2013.

CBRE reported that revenue for the quarter totalled $1.73 bn (€1.25 bn), an increase of 11% from $1.56 bn in the third quarter of 2012.

Net income, excluding selected charges, increased 19% to $99.7 mln from $83.6 mln in the third quarter of 2012, and earnings per diluted share increased to $0.30 from $0.26 in the prior-year period.

On a U.S. GAAP basis, net income totalled $94.4 mln, compared with $39.7 mln for the third quarter of 2012. GAAP earnings per diluted share totalled $0.28, compared with $0.12 in last year’s third quarter.

Among global business lines, property sales set the pace for growth with a revenue increase of 29%. Sales revenue was up strongly across all regions, led by a 50% increase in EMEA. At the country level, sales revenue was particularly strong in Germany, Japan, the UK and the US.

CBRE said that it once again captured the highest market share for investment sales in both the US and the UK during the quarter.

Excluding selected charges, Earnings Before Interest Taxes Depreciation and Amortization (EBITDA) increased 15% to $225.2 mln from $195.3 mln in the third quarter of 2012.