Q2 2024 CBRE Group Inc Earnings Call Transcript
Key Points
- Revenue, profitability, and cash flow exceeded expectations for the second quarter.
- Each business segment outperformed expectations for both net revenue and segment operating profits.
- Significant capital investments were made, including a $250 million commitment to development projects.
- The acquisition of Direct Line Global enhances capabilities in the rapidly growing data center management market.
- Increased full-year core EPS outlook to a range of $4.70 to $4.90, up from $4.25 to $4.65 previously.
- Global property sales revenue declined by 2% on a local currency basis and 3% in US dollar terms.
- Industrial leasing activity declined despite overall leasing revenue growth.
- Segment operating profit for REI was significantly lower than the prior year due to the absence of meaningful development project sales.
- AUM in Investment Management was offset by lower asset values and adverse FX movements.
- The sales activity in the US market is still relatively flat, with only a slight uptick in acquisitions.
Greetings, and welcome to the Second Quarter 2024 CBRE Earnings Conference Call. (Operator Instructions) As a reminder, this conference is being recorded.
It is now my pleasure to introduce your host, Chandni Luthra, Executive Vice President, Head of FP&A and Investor Relations. Thank you, Sunny. You may begin
Good morning, everyone, and welcome to CBRE Second Quarter 2024 Earnings Conference Call. Earlier today, we posted a presentation deck on our website that you can use to follow along with our prepared remarks and an Excel file that contains additional supplemental materials. Before we kick off today's call, I want to say how excited I am to have joined CBRE last month.
I know many of you will already and others I'm looking forward to getting to know better in the weeks and months ahead. Now I'll remind you that today's presentation contains forward-looking statements, including without limitation, concerning expected benefits
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
