CBRE Group 1Q Revenue Benefits from Employees Returning to Offices

Dow Jones05-03

By Denny Jacob

CBRE Group posts higher revenue in its latest quarter as property leasing around the world grew as more employees returned to the office.

The commercial real estate and investment services provider logged net income of $126 million, or 41 cents a share, for the first quarter ended March 31, up from $117 million, or 38 cents a share, a year earlier. Adjusted earnings were 78 cents a share, above analysts' estimates of 69 cents a share.

Revenue climbed 6.9% to $7.94 billion from $7.41 billion. Analysts polled by FactSet expected $7.94 billion.

Chief Executive Bob Sulentic said property leasing outperformed expectations and was driven by office leasing growing globally, reflecting economic resilience and companies progressing on their intent to bring 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," he said.

Write to Denny Jacob at denny.jacob@wsj.com

(END) Dow Jones Newswires

May 03, 2024 07:22 ET (11:22 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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