CBRE(US:CBRE) ZACKS·2025-02-13 18:56Core Insights - CBRE Group Inc. reported fourth-quarter 2024 core EPS of $2.32, exceeding the Zacks Consensus Estimate of $2.21 and reflecting a 68.1% year-over-year increase [1] - The company achieved record core earnings and free cash flow, with a 16.2% year-over-year revenue growth to $10.4 billion, surpassing the Zacks Consensus Estimate of $10.28 billion [2] Financial Performance - Net revenues increased 18.3% year-over-year to $6.13 billion, with core EBITDA rising 47.4% to $1.09 billion [3] - For the full year 2024, core EPS was $5.10, up from $3.84 in the prior year, and revenues increased by 11.6% to $35.64 billion [3] Segment Performance - Advisory Services segment revenue grew 19.2% year-over-year to $3.09 billion, exceeding estimates [4] - Global leasing revenue rose 15%, driven by growth in Asia-Pacific, Americas, and Europe, the Middle East & Africa [4] - Global property sales revenues increased 35% year-over-year, with mortgage origination revenues up 37% due to a significant rise in loan origination fees [5] - The GWS segment reported a 15.4% year-over-year revenue increase to $7.04 billion, also surpassing estimates [5] - Facilities management net revenues rose 24%, while project management net revenues increased 9% [6] - Real Estate Investments segment revenues increased 5% to $275 million, with assets under management decreasing by $2.1 billion due to foreign currency movements [7] Balance Sheet and Liquidity - At the end of Q4 2024, CBRE had cash and cash equivalents of $1.11 billion, up from $1.03 billion at the end of Q3 2024 [8] - Total liquidity stood at $4.4 billion, including $1.1 billion in cash and approximately $3.3 billion available for borrowing [9] - The company's net leverage ratio was 0.93X, significantly below the primary debt covenant of 4.25X [9] Share Repurchase and Outlook - During Q4 2024, CBRE repurchased approximately 6.05 million shares for $806 million, with $5.5 billion remaining under its stock repurchase program [10] - For 2025, CBRE projects core EPS in the range of $5.80-$6.10, with the Zacks Consensus Estimate at $6.00 [11]