CB Richard Ellis (CBG) Reports Best Revenue Growth Since 2007
Revenue: Increased 23% Year-over-Year at $1.20 Billion vs. $1.10 Billion consensus, beating analyst sales estimates and displaying their strongest revenue growth since 2007.
Brett White, CEO of CB Richard Ellis stated, “In the U.S., we saw a very strong pick up in property sales and leasing, reflecting recovering market conditions. Europe produced robust growth, fueled by the recovery of the property sales market in the larger economies, such as the U.K., Germany and France. Asia Pacific also sustained the strong top-line growth that first became evident there late last year.”
Comment: Shares of CB Richard Ellis (CBG) are trading up 3.76% following the company’s earnings release after-the-bell, trading at $15.99 per share, compared to today’s closing price of $15.41 per share.
As you can see above, CB Richard Ellis (CBG) shares are trading above both its 50-day and 200-day moving price averages. This month, the stock’s technical downtrend was broken to the upside, a good sign for investors looking to participate on the long side of CBG shares.
White went on to add, “We are mindful of concerns about the pace of economic recovery, but the rebound in commercial real estate activity is progressing.”
With the CBG global investment management business yielding 44% revenue growth Year-over-Year, it is evident the company is diversifying its focus to other countries and also reaping a higher growth rate in doing so. CBG stock has held support twice this month at the 200-day moving price average. As the stock trades up after-hours, it appears a solid base of support could bring more confident investors to the table after they catch wind of CBG’s stellar second quarter report.
Disclosure: No positions in the stocks mentioned.