CoStar Group Inc. (NASDAQ:CSGP) delivered a profit and beat Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company.
CoStar Group Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased 29.79% to $0.61 in the quarter versus EPS of $0.47 in the year-earlier quarter.
Revenue: Rose 27.9% to $109 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: CoStar Group Inc. reported adjusted EPS income of $0.61 per share. By that measure, the company beat the mean analyst estimate of $0.58. It beat the average revenue estimate of $108.78 million.
Quoting Management: “Net new sales in the second quarter grew 49% year-over-year leading us to our best sales, revenue and EBITDA results ever,” said Andrew C. Florance, Founder and Chief Executive Officer of CoStar. “Cross-selling between our CoStar and LoopNet client bases continues to gain momentum with total revenue synergies now reaching approximately $27.3 million, a 48% increase from last quarter. Record net new sales in the United Kingdom following the release of CoStarGo and CoStar Suite in the U.K. also contributed to our best ever quarter.”
Key Stats (on next page)…