Core Insights - CBRE Group Inc. reported third-quarter 2024 core earnings per share (EPS) of $1.20, exceeding the Zacks Consensus Estimate of $1.06, and reflecting a 66.7% year-over-year increase [1] - The company's shares rose over 9% following the earnings report, driven by double-digit revenue and segment operating profit growth [1] - Quarterly revenues increased by 14.8% year over year to $9.04 billion, surpassing the Zacks Consensus Estimate of $8.98 billion [1] Revenue Breakdown - Advisory Services segment revenue grew 19% year over year to $2.4 billion, exceeding the estimate of $2.17 billion [2] - Global leasing revenue rose 19%, with significant growth in Europe, the Middle East & Africa (EMEA), and the Americas [2] - Global property sales revenue increased by 14%, marking the first growth since Q2 2022, driven by increases across all regions [2] Segment Performance - The GWS segment reported a 12.3% year-over-year revenue increase to $6.35 billion, slightly below the estimate of $6.52 billion [2] - Facilities management net revenues rose 22%, while project management net revenues increased by 12%, benefiting from cost efficiency initiatives [3] - The Real Estate Investments segment saw a 43.8% revenue increase to $302 million, attributed to higher incentive fees [3] Balance Sheet and Liquidity - As of September 30, 2024, CBRE had cash and cash equivalents of $1.03 billion, up from $928 million at the end of Q2 2024 [4] - Total liquidity stood at $4 billion, including $1 billion in cash and approximately $3 billion available under revolving credit facilities [4] - The company's net leverage ratio was 1.26X, significantly below the primary debt covenant of 4.25X [4] Future Outlook - For 2024, CBRE projects core EPS in the range of $4.95-$5.05, an increase from the previous guidance of $4.70-$4.90 [4] - The Zacks Consensus Estimate for 2024 core EPS is currently at $4.80, which is below the newly guided range [4]

Core Insights - CBRE Group reported $9.04 billion in revenue for Q3 2024, a year-over-year increase of 14.8% [1] - The EPS for the same period was $1.20, compared to $0.72 a year ago, with a surprise of +13.21% over the consensus estimate [1] Revenue Performance - Investment Management AUM reached $148.3 billion, exceeding the average estimate of $143.25 billion [1] - Net revenue was $5.32 billion, surpassing the four-analyst average estimate of $5.08 billion, reflecting a year-over-year change of +20% [1] - Total revenue from Real Estate Investments was $302 million, compared to the estimated $244.78 million, marking a +43.8% change year-over-year [1] - Net revenue from Global Workplace Solutions was $2.65 billion, slightly below the average estimate of $2.66 billion, with a year-over-year increase of +18.9% [1] - Net revenue from Advisory Services was $2.37 billion, exceeding the average estimate of $2.19 billion, representing a +19% year-over-year change [1] Additional Revenue Metrics - Revenue from pass-through costs recognized as revenue was $3.72 billion, compared to the $3.93 billion average estimate, showing a +8.2% year-over-year change [1] - Total revenue from Advisory Services was $2.40 billion, surpassing the average estimate of $2.21 billion, with a +19% year-over-year change [1] - Net revenue from loan servicing was $81 million, below the estimated $85.77 million, with a +0.4% year-over-year change [1] - Net revenue from advisory leasing was $984 million, exceeding the average estimate of $902.13 million, reflecting a +18.9% year-over-year change [1] Stock Performance - CBRE shares returned +0.6% over the past month, compared to the Zacks S&P 500 composite's +1.5% change [1] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [1]

CBRE Group (CBRE) came out with quarterly earnings of $1.20 per share, beating the Zacks Consensus Estimate of $1.06 per share. This compares to earnings of $0.72 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 13.21%. A quarter ago, it was expected that this provider of real estate investment management services would post earnings of $0.69 per share when it actually produced earnings of $0.81, delivering a surprise of 17.39% ...

Financial Performance - Consolidated net income for the third quarter of 2024 was $225 million, a 17.8% increase from $191 million in the same period in 2023[117]. - Total revenue for the third quarter of 2024 reached $9.0 billion, reflecting a 14.8% increase compared to $7.9 billion in the third quarter of 2023[117]. - For the nine months ended September 30, 2024, consolidated net income was $481 million on revenue of $25.4 billion, compared to $509 million on revenue of $23.0 billion in the same period in 2023[125]. - Revenue for the three months ended September 30, 2024, increased by 19.0%, with global leasing revenue rising by 19.0% driven by the Americas[138]. - Revenue increased by 10.3% for the nine months ended September 30, 2024, driven by strong growth in facilities management and project management[150]. - The company's revenue for the nine months ended September 30, 2024, totaled $25.363 billion, compared to $22.999 billion for the same period in 2023, reflecting a growth in revenue[214]. Revenue Segmentation - Revenue from Resilient Businesses increased approximately 12.6% in the quarter, while Transactional Businesses saw a revenue increase of 25.7%[118][119]. - Advisory Services segment revenue grew by 19.0%, driven by increased leasing activity and commercial mortgage origination[119]. - Revenue from Resilient Businesses increased by 10.1% and Transactional Businesses saw an 11.0% increase for the nine months ended September 30, 2024[126]. - Property management revenue grew by 22.3% in the third quarter, reflecting strong growth across regions[138]. - Revenue increased by 43.8% for the three months ended September 30, 2024, driven by higher incentive fees in investment management and development services[155]. Expenses and Costs - Cost of revenue increased by 13.4%, but as a percentage of total revenue, it decreased to 80.2% from 81.3% in the prior year[120]. - Operating, administrative, and other expenses rose by 16.9%, primarily due to $61 million in restructuring charges[121]. - Depreciation and amortization expense increased by 19.5%, reflecting higher amortization from recent acquisitions[122]. - Cost of revenue rose by 10.4% during the same period, with total cost of revenue as a percentage of total revenue increasing slightly to 80.9% from 80.8%[126]. - Operating, administrative, and other expenses increased by 5.4%, with total operating expenses as a percentage of revenue decreasing to 13.9% from 14.6%[127]. - Operating, administrative, and other expenses rose by 5.2%, primarily due to restructuring charges and the inclusion of J&J's operating results since acquisition[151]. Interest and Taxation - Interest expense, net of interest income, surged by 68.4% due to higher interest rates and increased borrowings[122]. - The effective tax rate for the third quarter of 2024 increased to 21.5% from 13.2% in the same quarter of 2023[123]. - Interest expense, net of interest income, surged by 48.2% for the nine months ended September 30, 2024, primarily due to higher interest rates and increased borrowings[129]. - Provision for income taxes decreased to $70 million for the nine months ended September 30, 2024, down from $114 million in the same period in 2023, resulting in an effective tax rate decrease to 11.6%[130]. Cash Flow and Capital Expenditures - Net cash provided by operating activities increased to $368 million for the nine months ended September 30, 2024, compared to a net cash used of $373 million during the same period in 2023, driven by improved working capital and revenue growth[178]. - Net cash used in investing activities rose to $1,494 million for the nine months ended September 30, 2024, primarily due to the acquisitions of J&J Worldwide Services and Direct Line Global[179]. - The company incurred $193 million in capital expenditures during the nine months ended September 30, 2024[170]. Debt and Financing - The company entered into a new 5-year senior unsecured Credit Agreement on July 10, 2023, with a principal amount of $350 million and a weighted average interest rate of 5.3%[183]. - The company issued $500 million in 5.500% senior notes due April 1, 2029, and $1.0 billion in 5.950% senior notes due August 15, 2034, to enhance its capital structure[184]. - As of September 30, 2024, $683 million was outstanding under the Revolving Credit Agreement, compared to no outstanding amount as of December 31, 2023[191]. - The company maintains a revolving credit facility with commitments of up to $3.5 billion, maturing on August 5, 2027, to support its operational funding needs[190]. Foreign Currency Exposure - Approximately 42.3% of CBRE's revenue for the nine months ended September 30, 2024, was transacted in foreign currencies[214]. - The British pound sterling contributed $1,257 million (13.9%) to total revenue for the three months ended September 30, 2024, compared to $1,100 million (14.0%) in the same period of 2023[214]. - The euro accounted for $775 million (8.6%) of total revenue for the three months ended September 30, 2024, up from $746 million (9.5%) in the same period of 2023[214]. - The company has significant euro and British pound denominated assets under management, which exposes it to fluctuations in foreign currency exchange rates[213]. - The company routinely monitors risks associated with foreign currency exchange rates and evaluates oversight for business activities in countries with significant risks[217]. Internal Controls and Compliance - There have been no changes in the company's internal control over financial reporting that materially affected its financial reporting during the fiscal quarter ended September 30, 2024[222]. - The company has concluded that its disclosure controls and procedures were effective as of September 30, 2024, ensuring accurate corporate disclosure[221]. - The Chief Executive Officer and Chief Financial Officer concluded that the company's disclosure controls and procedures were effective as of September 30, 2024, achieving their objectives at a reasonable assurance level[221]. - There have been no material changes to the company's legal proceedings as previously disclosed in the 2023 Annual Report[224].

EXHIBIT 99.1 For further information: Chandni Luthra - Investors Steve Iaco - Media 212.984.8113 212.984.6535 Chandni.Luthra@cbre.com Steven.Iaco@cbre.com Press Release FOR IMMEDIATE RELEASE CBRE GROUP, INC. REPORTS FINANCIAL RESULTS FOR THIRD-QUARTER 2024 Dallas – October 24, 2024 — CBRE Group, Inc. (NYSE:CBRE) today reported financial results for the third quarter ended September 30, 2024. Key Highlights: • GAAP EPS up 20% to $0.73; Core EPS up 67% to $1.20 • Revenue up 15%; net revenue up 20% • Resilient ...

CBRE Group, Inc. (CBRE) , the global leader in real estate services, has been gearing up to announce its third-quarter 2024 earnings on Oct. 24, before the closing bell. The company has been at the forefront of the industry, offering a wide range of services, including property sales and leasing, property management, valuation, project management and consulting.Stay up-to-date with all quarterly releases: See Zacks Earnings Calendar.In the last reported quarter, this Dallas, TX-based commercial real estate ...

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