WASHINGTON (dpa-AFX) - CBRE Group Inc. (CBG) reported that its net income attributable to the company for the third quarter ended September 30, 2014 rose 13% to $107.1 million, from $94.4 million for the third quarter of 2013. GAAP earnings per share rose 14% to $0.32, compared with $0.28 in last year's third quarter.
Excluding selected items, net income rose 33% to $132.6 million from $99.7 million in the third quarter of 2013, and adjusted earnings per share also improved 33% to $0.40 from $0.30 in the prior-year period.
For the third quarter, selected items (net of income taxes) totaled $25.5 million - including $14.1 million related to the early re-payment of debt and $11.8 million of non-cash amortization relating to prior acquisitions - versus $5.3 million for the same period in 2013.
Revenue for the quarter totaled $2.3 billion, an increase of 31% from $1.7 billion in the third quarter of 2013.
Analysts polled by Thomson Reuters expected the company to report earnings of $0.34 per share and revenues of $2.09 billion for the quarter. Analysts' estimates typically exclude special items.
With two months left in 2014, CBRE's full-year performance is coming into sharper focus. Therefore, the company raised its adjusted earnings per share guidance for the full year 2014 to a range of $1.65 to $1.70. Analysts expect annual earnings of $1.67 per share.
The company said in July that it expected full-year earnings per share, as adjusted, to be in the range of $1.60 to $1.65.
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