Dallas, Texas 05/02/2014 (FINANCIALSTRENDS) – CBRE Group Inc (NYSE:CBG) share price surged by a hugely impressive 8.82 percent during trading on 1st May. This follows the robust first quarter results that the company reported on 30th April, after market close.
Highlights Of Earnings Call
Revenue in the reporting quarter came in at $1.9 billion which translated into a 26% increase over its 1Q13 revenue. Net income surged upwards by a huge 60 percent to peak at $82.4 million in the reporting quarter compared to its 1Q13 numbers. Expenses for the quarter came in at $14.7 million. GAAP earnings per share was up by 82 percent to reach 20 cents per share for the quarter as against the 11 cents it had reported in 1Q14.
CBRE Group Inc (NYSE:CBG) President and Chief Executive Officer Robert E. Sulentic exuded happiness at the fast paced start to the fiscal year 2014, in his post earnings call comments and credited the success to investments company has made over the years in acquiring professional talent and manpower. He has been quoted to have said that, “We achieved significant growth in all three global regions. EMEA set a brisk pace with double-digit organic growth in every major business line. We were pleased to see activity pickup in Europe as investor and business confidence has improved in step with the recovering economies. In particular, we saw continued strength in the United Kingdom, where our efforts to diversify our business lines and accelerate growth continue to pay dividends”.
Inorganic Growth Adds To Momentum In EMEA
The CEO went on to add that the buyout of Norland Managed Services was a force multiplier to their market presence in the EMEA region and helped its organic business grow multi fold thanks to the synergies between the two entities.