CB Richard Ellis has strong 2Q
Profits more than doubled in the second quarter for commercial real estate services company CB Richard Ellis.
The increase was led by strong growth in the company’s European, Middle Eastern and African regions.
Second-quarter 2007 revenue totaled $1.5 billion, up 65 percent from the $903.5 million reported for second quarter 2006.
Net income was up 119 percent to $141 million during second quarter 2007 with diluted earnings per share of 59 cents, compared to the 27 cents reported for second quarter 2006.
Excluding one-time charges, second quarter 2007 diluted earnings per share were $0.66, up 94 percent from the same time period 2006.
Net income for the first six months was $153 million or 65 cents per diluted share compared to net income of $101 million, or 43 cents per diluted share for the first six months of 2006.
Strong earnings have lead the company to raise its 2007 forecast to $1.48 per diluted share, 25 to 30 percent higher than 2006 earnings per diluted share.
The company forecasts the earnings per diluted share will be $2.22 for the year, up from original forecasts of $1.85 to $1.92 per share and above the average analysts’ forecast of $2.11 according to Reuters Estimates. – TRACIE STONE