Why CBRE Group Stock Is Jumping Today
Shares of CBRE Group (NYSE: CBRE) have jumped today, up by 12% as of 1:15 p.m. EDT, after the company reported third-quarter earnings results. CBRE also said it was moving its headquarters from Los Angeles to Dallas, confirming recent rumors.
Revenue in the third quarter was $5.65 billion, topping Wall Street's forecast of $5.3 billion in sales. That resulted in adjusted net income of $245 million, or $0.73 per share. Analysts were modeling for just $0.42 per share in adjusted profits. The largest commercial real estate company in the U.S. said that cost discipline boosted adjusted EBITDA, which was $442 million. CBRE acquired a small valuation service provider in South Korea during the quarter.
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Source Fool.com
