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

Stocks in this article: CBG

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.

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