CBRE posts 'exceptional' fourth quarter results.CBRE's fourth quarter results exceeded the company's expectations, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , Ray Wirta. "Year-end business activity was exceptionally strong and we enter 2005 with good momentum," said Wirta. "All of our business lines are performing well, led by continued strong investment sales and higher leasing revenues CB Richard Ellis CB Richard Ellis Group, Inc. NYSE: CBG is a multinational real estate corporation currently based in Los Angeles, California, U.S.A.. On December 20, 2006, the corporation, also known as CBRE, completed acquisition of Trammell Crow Co. in a transaction valued at $2. Group, Inc. reported full year 2004 diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of of $0.91, or $1.65 excluding one-time items related to the Insignia in·sig·ni·a also in·sig·ne n. pl. insignia or in·sig·ni·as 1. A badge of office, rank, membership, or nationality; an emblem. 2. A distinguishing sign. acquisition and the company's initial public offering. Based on the momentum exhibited by all of its business lines, the company is revising its diluted earnings per share guidance upward for 2005 to a range of $1.95 to $2.05, excluding residual one-time Insignia-related and debt buy-back charges. For the fourth quarter of 2004, the company generated revenue of $798.2 million, which was 28.5% ahead of the $621.3 million posted in the fourth quarter of 2003. The company reported fourth quarter net income of $66.4 million, or $0.88 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share. This was $76.5 million ahead of the fourth quarter of 2003, when the Company reported a net loss of $10.1 million, or $0.16 net loss per diluted share. Excluding one-time items primarily related to the July 2003 acquisition of Insignia Financial Group, the company would have earned net income (1) of $68.4 million, or $0.90 per diluted share in the fourth quarter of 2004, compared with $27.9 million of net income, or $0.44 per diluted share, in the fourth quarter of 2003. This constitutes an increase in net income, as adjusted, of 145.5%. The above-mentioned revenue increase of 28.5% for the fourth quarter of 2004 resulted from organic revenue growth fueled by strong investment property sales and improving leasing market fundamentals on a global basis. Said Wirta, "Historically low interest rates continue to drive capital flows into real estate and commercial properties are trading hands at a strong pace. Leasing fundamentals have improved as job growth is causing companies to take on more space. Leasing markets showed a distinct upturn late in the year, particularly in major business centers like New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of and London. Although landlord concessions have tightened, rents have not yet appreciated meaningfully. Assuming the rebound rebound (rē´bownd), n/v 1. a recovery from illness. n 2. an outbreak of fresh reflex activity after withdrawal of a stimulus rebound adjective remains on course, we will see rental growth in 2005, especially in healthier markets where supply and demand are near equilibrium." |
|
||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion