NEW YORK, April 28 (Reuters) - CB Richard Ellis Group Inc , one of the world's largest commercial real estate service companies, said its first-quarter net loss narrowed, as commercial real estate conditions worldwide improved.
The company reported a net loss of $6.6 million, or 2 cents a share compared with a net loss of $36.7 million, or 14 cents per share, the previous year.
Excluding one-time charges related to acquisitions, severance and space consolidations, writedowns of impaired assets and financing costs, the company earned $3.2 million, or 1 cent per share, meeting the average of analysts forecasts, according to Thomson Reuters I/B/E/S.
'Financial performance improved from a year ago in all geographic regions and virtually every service line and was well ahead of our internal expectations,' Brett White, chief executive officer, said in a statement.
Revenue for the Los Angeles-based company was $1.03 billion, up 15 percent from the year-earlier quarter. Analysts had expected $951.28 million.
CB Richard Ellis closed up 3.9 percent, or 64 cents, at $17.24 on the New York Stock Exchange.
(Reporting by Ilaina Jonas; editing by Carol Bishopric) Keywords: CBRICHARDELLIS/ (ilaina.jonas@thomsonreuters.com ; +1 646 223 6193; Reuters Messaging: ilaina.jonas.reuters.com@reuters.net; e-mail: ilaina.jonas@thomsonreuters.com) COPYRIGHT Copyright Thomson Reuters 2010. 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.
The company reported a net loss of $6.6 million, or 2 cents a share compared with a net loss of $36.7 million, or 14 cents per share, the previous year.
Excluding one-time charges related to acquisitions, severance and space consolidations, writedowns of impaired assets and financing costs, the company earned $3.2 million, or 1 cent per share, meeting the average of analysts forecasts, according to Thomson Reuters I/B/E/S.
'Financial performance improved from a year ago in all geographic regions and virtually every service line and was well ahead of our internal expectations,' Brett White, chief executive officer, said in a statement.
Revenue for the Los Angeles-based company was $1.03 billion, up 15 percent from the year-earlier quarter. Analysts had expected $951.28 million.
CB Richard Ellis closed up 3.9 percent, or 64 cents, at $17.24 on the New York Stock Exchange.
(Reporting by Ilaina Jonas; editing by Carol Bishopric) Keywords: CBRICHARDELLIS/ (ilaina.jonas@thomsonreuters.com ; +1 646 223 6193; Reuters Messaging: ilaina.jonas.reuters.com@reuters.net; e-mail: ilaina.jonas@thomsonreuters.com) COPYRIGHT Copyright Thomson Reuters 2010. 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.