CB Richard Ellis earnings up for 2005
For commercial real estate services giant CB Richard Ellis Group, 2005 proved to be a profitable year, according to a recent fourth quarter release.
Full-year 2005 revenue was up 23 percent to $2.9 billion with diluted earnings per share of $2.84 for the year ending Dec. 31, 2005. Excluding one-time charges, full-year diluted earnings per share was $3.00 for 2005, an 82 percent increase above last year’s $1.65.
Company President and CEO Brett White said, “We benefited from robust flows of investment capital into commercial real estate, as well as a steady strengthening of leasing market fundamentals on a global basis. Just as important, however, was the success of our people in seizing increased market share by harnessing our extensive service offering, worldwide reach, premier brand equity and broad knowledge base.”
Fourth quarter revenue of $956 million marked a 19.8 percent increase over the $798.2 million reported for the same quarter in 2004. Net income of $95.4 million for the quarter was up 43.7 percent from last year’s $66.4 million. Fourth quarter diluted share were reported at $1.24, up from $0.88 of the same quarter last year and ahead of analyst expectations of $1.11 per share.
Company officials said they expect growth to continue in 2006 with full-year diluted earning per share in the range of 15 to 20 percent. – TRACIE STONE