CB Richard Ellis beats by $0.12, slight miss on revs; guides FY17 EPS above consensus :
- Reports Q4 (Dec) earnings of $0.93 per share, excluding non-recurring items, $0.12 better than the Capital IQ Consensus of $0.81; revenues rose 3.4% year/year to $3.82 bln vs the $3.89 bln Capital IQ Consensus. Fee revenue increased 4% (6% local currency) to $2.7 billion. Organic fee revenue, which excludes contributions from all acquisitions, increased 3% (5% local currency).
- Co issues upside guidance for FY17, sees EPS of $2.35-2.45 vs. $2.33 Capital IQ Consensus Estimate. The company anticipates growth to be constrained by a 6-cent per share headwind from adverse foreign currency movement. At the midpoint of the range, the growth rate for adjusted earnings per share would be 4% in U.S. dollars, or 7% in local currency -- almost entirely from organic growth.
- "CBRE recorded double-digit adjusted earnings growth for the fourth quarter and the year, with excellent performance in all three regional services businesses."
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