NEW YORK, Nov 6 (Reuters) - CB Richard Ellis Group Inc , the world's largest commercial real estate brokerage, said quarterly net income fell 65 percent, but results still beat Wall Street's estimates.
Third-quarter net income fell to $40.4 million, or 19 cents per share, from $114.9 million, or 48 cents per share, in the year-earlier quarter, the company said on Thursday.
Excluding one-time items, the CB Richard Ellis would have earned $56.1 million, or 27 cents per share, ahead of the 23 cents per share analysts on average had forecast, according to Reuters Estimates.
The lack of credit globally has ground building sales to a near halt and slowed leasing by about 5 percent, particularly in the United States and the United Kingdom, the company said. It also hurt incentive-based revenues in the company's global investment management business. The unit manages real estate investments for pension funds and other institutional investors.
Revenue fell to $1.3 billion, ahead of the $1.15 million analysts had expected, according to Reuters Estimates. A year earlier the Los Angeles-based company generated $1.5 billion.
'Our third quarter results reflected the extremely challenging market conditions, which continued to deteriorate globally,' chief executive Brett White said in a statement. 'However, we performed reasonably well considering the extent of negative conditions in the marketplace.'
(Reporting by Ilaina Jonas; Editing by Andre Grenon) Keywords: CBRICHARDELLIS/ (ilaina.jonas@thomsonreuters.com +1 646 223 6193; Reuters Messaging: ilaina.jonas.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2008. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
Third-quarter net income fell to $40.4 million, or 19 cents per share, from $114.9 million, or 48 cents per share, in the year-earlier quarter, the company said on Thursday.
Excluding one-time items, the CB Richard Ellis would have earned $56.1 million, or 27 cents per share, ahead of the 23 cents per share analysts on average had forecast, according to Reuters Estimates.
The lack of credit globally has ground building sales to a near halt and slowed leasing by about 5 percent, particularly in the United States and the United Kingdom, the company said. It also hurt incentive-based revenues in the company's global investment management business. The unit manages real estate investments for pension funds and other institutional investors.
Revenue fell to $1.3 billion, ahead of the $1.15 million analysts had expected, according to Reuters Estimates. A year earlier the Los Angeles-based company generated $1.5 billion.
'Our third quarter results reflected the extremely challenging market conditions, which continued to deteriorate globally,' chief executive Brett White said in a statement. 'However, we performed reasonably well considering the extent of negative conditions in the marketplace.'
(Reporting by Ilaina Jonas; Editing by Andre Grenon) Keywords: CBRICHARDELLIS/ (ilaina.jonas@thomsonreuters.com +1 646 223 6193; Reuters Messaging: ilaina.jonas.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2008. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.