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CB Richard Ellis 1Q profit rises but misses estimates

By Associated Press
April 30, 2008 | Comments (0)

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CB Richard Ellis Inc. said its net income in the first quarter jumped 71 percent as strong growth in its outsourcing business offset sluggish activity in investment sales, but the results still missed Wall Street's expectations.

Late Tuesday, the company said its first-quarter profit rose to $20.5 million, or 10 cents per share, from $12 million, or 5 cents per share, in the year-ago period.

Excluding one-time charges related to the company's purchase and integration of Trammell Crow Co., CB Richard Ellis would have earned $31.7 million, or 15 cents per share.

On average, analysts polled by Thomson Financial expected net income of 21 cents per share.

Quarterly revenue edged up 1 percent to $1.23 billion from $1.21 billion, as investment sales activity in the Americans and Europe slowed due to the disrupted credit markets. Operating income fell to $70.3 million from $93.1 million.

Shares of the company fell 10 cents to $22.45 in late morning trading.

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