Colliers Quarterly Earnings Jump with Strong Revenue Growth

Dow Jones
07/30
 
 

Colliers International Group saw a jump in earnings for the latest quarter on the back of double-digit revenue growth across each of its three business segments.

The Canadian professional services and investment management company recorded net earnings of $28.5 million, or 56 cents a share, against $4 million, or 8 cents a share, a year earlier.

On an adjusted basis, second-quarter earnings came in at $1.83 a share, ahead of the $1.78 mean forecast of analysts polled by FactSet.

Revenue for the three months increased 17% to $1.57 billion, beating the $1.49 billion analysts were expecting.

Collier's commercial real estate revenue rose 12% on a year prior to $997.3 million, while engineering revenue climbed 30% to $427.8 million.

Colliers, which was founded in British Columbia in 1898, also notched a 17% rise in investment management revenue to $147.2 million though the arm's adjusted earnings before interest, taxes, depreciation and amortization dipped slightly due to what the company said was continued investments in strengthening the global platform under the Harrison Street Asset Management brand.

For the full year, Colliers said it expects to generate mid-teens percentage growth in revenue, adjusted Ebitda and adjusted per-share earnings.

 
 

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