DALLAS (AP) — DALLAS (AP) — CBRE Group Inc. (CBRE) on Thursday reported fourth-quarter profit of $487 million.
The Dallas-based company said it had profit of $1.58 per share. Earnings, adjusted for one-time gains and costs, were $2.32 per share.
The results surpassed Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of $2.21 per share.
The provider of real estate investment management services posted revenue of $10.4 billion in the period, which also topped Street forecasts. Five analysts surveyed by Zacks expected $10.28 billion.
For the year, the company reported profit of $968 million, or $3.14 per share. Revenue was reported as $35.77 billion.
CBRE expects full-year earnings in the range of $5.80 to $6.10 per share.
CBRE shares have risen 7% since the beginning of the year. The stock has increased 59% in the last 12 months.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on CBRE at https://www.zacks.com/ap/CBRE
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