Thu, Oct 24, 11:23 AM (70 days ago)
CBRE Group, Inc. (CBRE) reported strong quarterly performance for Q3 2024, with revenues of $9,036 million, up 14.8% from $7,868 million in Q3 2023. Net income increased 17.8% to $225 million, driven by growth in the Advisory Services and Global Workplace Solutions segments, particularly in leasing and property management. The company’s profit margins improved, with costs of revenue at 80.2% of total revenue, down from 81.3% a year earlier. Cash flow from operations was positive at $368 million, contrasting with a $373 million outflow in the prior year, aided by better collections and revenue growth. However, investing activities saw a significant increase in cash outflow to $1,494 million due to acquisitions, including J&J Worldwide Services. CBRE’s total liabilities rose to $15,289 million, while equity increased to $9,556 million. The company maintained a strong liquidity position with $1,025 million in cash and equivalents. Looking ahead, CBRE anticipates continued growth in key markets, although it remains cautious about macroeconomic uncertainties and interest rate fluctuations impacting future performance.