Core Insights - CBRE Group reported revenue of $8.39 billion for the quarter ended June 2024, reflecting an 8.7% increase year-over-year, although it fell short of the Zacks Consensus Estimate of $8.52 billion by 1.52% [1] - The company's EPS was $0.81, slightly down from $0.82 in the same quarter last year, but it exceeded the consensus EPS estimate of $0.69 by 17.39% [1] Financial Performance Metrics - Investment Management AUM was $142.5 billion, slightly below the estimated $143.28 billion [3] - Total revenue from Real Estate Investments was $256 million, surpassing the average estimate of $242.32 million, marking a year-over-year increase of 0.1% [3] - Net revenue reached $4.97 billion, exceeding the average estimate of $4.82 billion, with a year-over-year growth of 11% [3] - Net revenue from Global Workplace Solutions was $2.55 billion, above the average estimate of $2.48 billion, reflecting a 15.5% year-over-year increase [3] - Net revenue from Advisory Services was $2.20 billion, exceeding the average estimate of $2.10 billion, with an 8.7% year-over-year increase [3] - Revenue from Property and advisory project management was $532 million, surpassing the estimated $505.06 million, representing a 15.9% year-over-year increase [3] - Revenue from Advisory Services recognized as pass-through costs was $23 million, slightly above the estimated $22.41 million, with a year-over-year increase of 7.5% [3] - Corporate, Other and Eliminations revenue was -$3 million, better than the estimated -$4.29 million, showing a 15% year-over-year decline [3] - Revenue from Global Workplace Solutions recognized as pass-through costs was $3.40 billion, below the estimated $3.60 billion, with a year-over-year increase of 5.5% [3] - Total revenue from Global Workplace Solutions was $5.43 billion, falling short of the estimated $6.03 billion, with no change year-over-year [3] - Total revenue from Advisory Services was $2.04 billion, below the estimated $2.14 billion, with no change year-over-year [3] - Revenue from pass-through costs recognized as revenue was $3.42 billion, below the estimated $3.74 billion, with a year-over-year increase of 5.5% [3] Stock Performance - CBRE shares have returned +11.5% over the past month, outperforming the Zacks S&P 500 composite, which saw a -0.3% change [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [3]
CBRE (CBRE) Q2 Earnings: How Key Metrics Compare to Wall Street Estimates