CB Richard Ellis Profit Surges to $50.4 Million
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CB Richard Ellis Group Inc. reported a leap in second-quarter profit that substantially beat Wall Street’s expectations and prompted the Los Angeles-based international real estate brokerage to raise its guidance for the year.
Net income was $50.4 million, or 66 cents a share, compared with $3 million, or 4 cents, a year earlier. Analysts had predicted a profit of 42 cents a share, according to Thomson Financial.
Strong leasing and sales of commercial buildings helped drive revenue up 22% to $672.2 million. The company also raised its full-year earnings guidance to $2.40 to $2.50 a share, excluding one-time charges.
The company’s shares rose 43 cents to $46.09 before the news.
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