TORONTO – Colliers Worldwide Group Inc. (NASDAQ:) reported third quarter earnings that missed analyst expectations, as the actual property companies agency lowered its full-year outlook on account of weaker fundraising in its funding administration phase.
The corporate posted adjusted earnings per share of $1.32 for the quarter, falling wanting the $1.50 consensus estimate. Income got here in at $1.18 billion, in keeping with analyst projections.
Colliers mentioned revenues elevated 12% YoY, or 11% in native forex phrases. The corporate noticed strong progress throughout all service strains, with Engineering revenues up 21% and Capital Markets revenues rising 17%.
Nonetheless, Colliers decreased its full-year 2024 outlook, citing “up to date fundraising expectations in its high-margin Funding Administration phase for the rest of the 12 months.” The corporate now expects adjusted EPS progress of 6-12%, down from its earlier steering of 11-21% progress.
“We accomplished the acquisition of Englobe throughout the quarter, creating a considerable new progress platform in Canada,” mentioned Jay S. Hennick, Chairman & CEO of Colliers. “With a sturdy M&A pipeline, we’re effectively positioned to proceed rising and strengthening our operations for the long-term.”
The corporate ended the quarter with $98.8 billion in belongings below administration, up $2.4 billion from the earlier quarter.
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