Derde kwartaalcijfers CBRE Group laten robuuste omzet- en winstgroei zien
Fee Revenue up 14% (21% in local currency)
Normalized EBITDA up 18% (24% in local currency)
Adjusted Earnings Per Share up 28% to $0.51
Company Increases Expected 2016 Adjusted EPS Accretion
From Global Workplace Solutions Acquisition
Los Angeles, CA – October 27, 2015 — CBRE Group, Inc. (NYSE:CBG) today reported robust revenue and earnings growth for the third quarter ended September 30, 2015.
Third-Quarter 2015 Results*
- Revenue for the quarter totaled $2.7 billion, an increase of 19% (26% in local currency1). Fee revenue2 increased 14% (21% in local currency) to $1.9 billion. The third quarter of 2015 included approximately $237 million of revenue from the acquisition of the Global Workplace Solutions business from Johnson Controls, which was completed on September 1, 2015. Excluding the acquired Global Workplace Solutions business, revenue and fee revenue were both up 9% (16% in local currency).
- On a U.S. GAAP basis, net income rose 39% to $149.1 million. GAAP earnings per diluted share rose 38% to $0.44.
- Adjusted net income3 rose 30% to $171.7 million, while adjusted earnings per share3 improved 28% to $0.51. For the third quarter of 2015, adjustments totaled $22.6 million, which included integration and other costs associated with the Global Workplace Solutions acquisition.
- Normalized EBITDA4 increased 18% to $344.6 million and EBITDA4 rose 12% to $326.6 million. Normalized EBITDA margin on fee revenue was 17.8%, approximately a 60 basis point increase from the prior-year third quarter.
*All percentage changes versus prior-year periods are in U.S. dollars except where noted.
- Foreign currency movement, including the marking of currency hedges to market, reduced EBITDA by approximately $16.9 million (or $0.03 per share, net of tax) as compared to the prior-year third quarter.
Management Commentary
“The third quarter was an eventful period for CBRE,” said Bob Sulentic, the company’s president and chief executive officer. “We continued to post double-digit growth on the top- and bottom-lines with broad-based strength in our business around the world. While doing this, we completed our largest acquisition in nearly a decade – the Global Workplace Solutions business from Johnson Controls. We also continued to make gains through investments in initiatives that help us to deliver great client outcomes and drive growth.”
CBRE’s three regional businesses each achieved sizeable increases in revenue despite the impact of foreign currency translation, which tempered growth rates outside the U.S. Growth was particularly notable in EMEA (Europe, the Middle East & Africa), where revenue surged 28% (42% in local currency). This increase was fueled by healthy gains across the region, including France, Germany, the Netherlands, Spain, Switzerland and the United Kingdom. Asia Pacific produced 12% revenue growth (29% in local currency) – led by Australia, Greater China and India. In the Americas, CBRE’s largest business segment, revenue grew by double digits – 17% (19% in local currency).
Amid strong capital flows into commercial real estate, CBRE’s capital markets businesses continued to perform exceptionally well. Property sales rose significantly across all regions with global revenue up 11% (19% in local currency), and commercial mortgage services, which is predominately an Americas business, saw revenue improve 32% (33% in local currency).
Global leasing also remained strong, although weak foreign currencies restrained growth. In local currency, leasing revenue rose 12% with strong growth in Australia, France, Greater China and India. When translated into US dollars, the global leasing revenue growth rate was 6%. The growth rate in the United States slowed modestly but remained strong at 9%.
Occupier outsourcing revenue (excluding related transaction revenue, which is accounted for in sales and leasing revenue), improved 42% (49% in local currency), while fee revenue (excluding related transaction revenue) increased 45% (53% in local currency). The increases included a one-month contribution from the acquired Global Workplace Solutions business. Excluding the acquired Global Workplace Solutions business, outsourcing revenue (excluding related transaction revenue) rose 8% (15% in local currency) and fee revenue increased 6% (14% in local currency).
Valuation revenue rose 4% (14% in local currency), which reflected higher volumes of appraisal and consulting assignments.
Investment Management also performed well in the quarter, with a 9% (19% in local currency) increase in revenue and a 48% rise in normalized EBITDA.
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