Global real estate giants CBRE (CBG) and Jones Lang LaSalle (JLL) both announced that they beat Q4 expectations.
According to CNBC ,CBRE reported earnings of $0.93 per share on revenue of $3.8 billion, while analysts expected earnings of $0.80 per share on revenue of $3.89 billion. For the entire year, revenues climbed 20.4% year over year to $13.1 billion.
On an annual basis, revenues from the Americas increased 6%, while Asia-Pacific surged 22%. However, revenues from EMEA declined 3%. The Global Investment Management segment dropped 35% year over year.
“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.”
Meanwhile, Chicago-based Jones Lang LaSalle said it recorded an adjusted profit of $3.95 per share, exceeding Wall Street expectations of earnings of $3.92 per share, according to Yahoo! Finance. JLL posted revenue of $2.16 billion in the period. For the entire year, the company reported profit of $318.2 million, or $6.98 per share on revenue of $6.8 billion.