Global property advisor CB Richard Ellis Group has reported its third quarter revenue this year increased 54.2% to $1.5 bn, and diluted earnings per share increased 23.1% to 48 dollar cents compared to the third quarter of 2006. Excluding onetime charges, the diluted earnings per share for the third quarter came to 55 cents, an increase of 37.5% from the third quarter a year earlier.
Global property advisor CB Richard Ellis Group has reported its third quarter revenue this year increased 54.2% to $1.5 bn, and diluted earnings per share increased 23.1% to 48 dollar cents compared to the third quarter of 2006. Excluding onetime charges, the diluted earnings per share for the third quarter came to 55 cents, an increase of 37.5% from the third quarter a year earlier.
CBRE said the strong earnings growth was achieved despite a $32.9 mln increase in interest expenses associated with the financing of the Trammell Crow Company acquisition.
'Third quarter results clearly showed the economic and strategic benefits of our highly diversified business line and revenue base,' said CEO Brett white. 'During a period of extremes in the global credit markets as well as uneasiness about the US economy generally, CBRE posted very impressive year over year gains in both revenue and profitability. These gains were ahead of our internal projections and support our view of achieving full year guidance.'