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CBRE Group, Inc. Reports Adjusted Earnings Per Share Growth Of 20% For The Fourth Quarter And 18% For The Full Year Of 2012

Stocks in this article: CBG

CBRE Group, Inc. (NYSE:CBG) today reported strong increases in revenue and earnings per share for the fourth quarter and year ended December 31, 2012.

Fourth-Quarter 2012 Results

  • Revenue for the quarter was $2.0 billion, up 14% from $1.8 billion in the fourth quarter of 2011.
  • Excluding selected charges 1, net income 2 was $181.9 million, or $0.55 per diluted share, for the current quarter, up 22% and 20%, respectively, from $149.3 million, or $0.46 per diluted share, in the fourth quarter of 2011. For the current quarter, selected charges (net of income taxes), which primarily related to the acquisition of the ING REIM businesses (completed in 2011), totaled $8.9 million. For the same period in 2011, selected charges totaled $69.5 million.
  • On a U.S. GAAP basis, net income was $173.0 million, or $0.53 per diluted share, for the fourth quarter of 2012, up 117% and 112%, respectively, from $79.8 million, or $0.25 per diluted share, for the prior-year fourth quarter.
  • Excluding selected charges, Earnings Before Interest Taxes Depreciation and Amortization (EBITDA) 3 increased 12% to $351.7 million for the fourth quarter of 2012 from $314.9 million a year earlier. EBITDA 3 (including selected charges) was $345.7 million for the fourth quarter of 2012, an increase of 47% from $235.1 million for the same period last year. For the current quarter, selected charges were related to the aforementioned acquisition of the ING REIM businesses.
  • Foreign currency translation did not have a significant impact on results in the current quarter.

Full-Year 2012 Results

  • Revenue for full-year 2012 rose to $6.5 billion, an increase of 10% (12% in local currency) from $5.9 billion in 2011. The 2012 revenue was the highest ever reported by CBRE.
  • Excluding selected charges, net income for 2012 was $399.4 million, or $1.22 per diluted share, up 19% and 18%, respectively, from $334.5 million, or $1.03 per diluted share in 2011. Selected charges (net of income taxes), which primarily related to the acquisition of the ING REIM businesses, cost containment expenses and the impairment of assets, totaled $83.8 million for full-year 2012 and $95.3 million for the same period in 2011.
  • On a U.S. GAAP basis, net income was $315.6 million, or $0.97 per diluted share, for 2012, up 32% and 31%, respectively, from $239.2 million, or $0.74 per diluted share, for 2011.
  • Excluding selected charges, EBITDA totaled $918.4 million for 2012, up 14% from $802.6 million a year earlier. EBITDA (including selected charges) rose 24% to $861.6 million for 2012, compared with $693.3 million for 2011. For 2012, selected charges were primarily related to the acquisition of the ING REIM businesses and cost containment expenses.

Management Commentary

“We are very pleased with our strong finish to 2012,” said Robert Sulentic, president and chief executive officer of CBRE. “Despite continued fiscal and economic uncertainty, all of our global operating regions delivered solid top-line growth in the fourth quarter. This growth was paced by the Americas, which benefited from particularly strong performance in our capital markets businesses. Following a sluggish third quarter, activity globally improved across all business lines in the fourth quarter. This continues a pattern of fluctuating market sentiment that has prevailed throughout the slow-paced recovery.”

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