CBRE Group, Inc. (CBG) has reported a 46.62 percent jump in profit for the quarter ended Dec. 31, 2016. The company has earned $263.98 million, or $0.78 a share in the quarter, compared with $180.04 million, or $0.53 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $314.75 million, or $0.93 a share compared with $271.50 million or $0.81 a share, a year ago.
Revenue during the quarter grew 3.34 percent to $3,823.83 million from $3,700.24 million in the previous year period.
Cost of revenue went up marginally by 2.87 percent or $72.58 million during the quarter to $2,603.10 million. Gross margin for the quarter expanded 31 basis points over the previous year period to 31.92 percent.
Total expenses were $3,471.01 million for the quarter, down 0.64 percent or $22.25 million from year-ago period. Operating margin for the quarter expanded 363 basis points over the previous year period to 9.23 percent.
Operating income for the quarter was $352.82 million, compared with $206.98 million in the previous year period. However, the adjusted EBITDA for the quarter stood at $568.48 million compared with $517.58 million in the prior year period. At the same time, adjusted EBITDA margin improved 88 basis points in the quarter to 14.87 percent from 13.99 percent in the last year period.
For fiscal year 2017, CBRE Group, Inc. expects diluted earnings per share to be in the range of $2.35 to $2.45 on adjusted basis.
"We ended 2016 on a high note," said Bob Sulentic, CBRE's president and chief executive officer. "CBRE recorded double-digit adjusted earnings growth for the fourth quarter and the year, with excellent performance in all three regional services businesses."
Receivables move up
Net receivables were at $2,605.60 million as on Dec. 31, 2016, up 5.42 percent or $133.86 million from year-ago.
Total assets went down marginally by 2.16 percent or $238.36 million to $10,779.59 million on Dec. 31, 2016. On the other hand, total liabilities were at $7,722.34 million as on Dec. 31, 2016, down 6.50 percent or $536.53 million from year-ago.
Return on assets moved up 44 basis points to 3.54 percent in the quarter. At the same time, return on equity moved up 211 basis points to 8.63 percent in the quarter.
Debt comes down
Total debt was at $3,802.81 million as on Dec. 31, 2016, down 14.16 percent or $627.53 million from year-ago. Shareholders equity stood at $3,057.24 million as on Dec. 31, 2016, up 10.81 percent or $298.17 million from year-ago. As a result, debt to equity ratio went down 36 basis points to 1.24 percent in the quarter.
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