This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

CB Richard Ellis Group's CEO Discusses Q1 2012 Results - Earnings Call Transcript

Not unexpectedly, EMEA performance weakened versus the prior year first quarter, as transaction activity has slowed against tough economic conditions. In Asia Pacific, while there was overall revenue growth, investment sales in the region cooled a bit. We also saw material and immediate contributions from the addition of the ING Real Estate Investment Management people, programs and platform to our investment management business. We expect these positive contributions to continue as we complete our integration process.

Our global outsourcing business continued to make strong gains, with revenue growing by double digits for the sixth consecutive quarter. Both total contracts signed and new wins set records, and we surpassed the 3 billion square foot managed milestone.

In our transaction businesses, leasing resumed growth with a 3% gain over the first quarter of 2011. Investment sales revenue increased 10%, and also deserving special mention is commercial mortgage brokerage, which jumped 46%.

As a result of all this, we posted solid 14% revenue growth and even stronger, 25%, normalized EBITDA growth, during the quarter. And I am particularly pleased to report that our EBITDA margin expanded 90 BPs, to 11.1%.

Some of the most notable transactions we completed during or immediately following the quarter are shown on slide five. As is our practice, I will not go through them individually but we have included them here for your review. With that, I’d like to turn the call over to Mike Lafitte, our president of the Americas, to discuss his real strong performance in the Americas business. Mike?

Mike Lafitte



Thank you Brett. Please advance to slide six if you will. As you have read in our earnings release and as Brett mentioned, our Americas business had excellent performance in the first quarter of 2012. We are very pleased to achieve 13% revenue growth and 29% normalized EBITDA growth in a sluggish economic environment. Credit for this goes to our nearly 21,000 Americas employees, who are intensely focused on providing superior service to our clients and maintaining disciplined expense control.

3 of 4

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,943.81 +28.74 0.17%
S&P 500 1,967.57 +2.89 0.15%
NASDAQ 4,415.49 +19.2860 0.44%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto
Advertising Partners

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs