CBRE Group reports Q1 core EPS 78c, consensus 68c

Reports Q1 revenue $7.94B, consensus $7.94B. “We started 2024 by delivering core earnings that exceeded our expectations heading into the year, driven, in part, by solid net revenue growth,” said Bob Sulentic, CBRE‘s chair and chief executive officer. “Leasing outperformed expectations, driven by office leasing growth globally that reflects a resilient economy and companies making progress on bringing their employees back to the office. At the same time, persistent inflation kept interest rates higher than expected, which led to underperformance in our property sales transaction activity. Our Global Workplace Solutions segment again delivered double-digit net revenue growth, even as margins fell short of expectations. We have initiated actions to bring our costs in this segment quickly back into line with revenue trajectory.”