Colliers International posts Q3 earnings miss, lowers outlook

TORONTO - Colliers International Group Inc. (NASDAQ:CIGI ) reported third quarter earnings that missed analyst expectations, as the real estate services firm lowered its full-year outlook due to weaker fundraising in its investment management segment.

The company posted adjusted earnings per share of $1.32 for the quarter, falling short of the $1.50 consensus estimate. Revenue came in at $1.18 billion, in line with analyst projections.

Colliers said revenues increased 12% YoY, or 11% in local currency terms. The company saw solid growth across all service lines, with Engineering revenues up 21% and Capital Markets revenues rising 17%.

However, Colliers reduced its full-year 2024 outlook, citing "updated fundraising expectations in its high-margin Investment Management segment for the remainder of the year." The company now expects adjusted EPS growth of 6-12%, down from its previous guidance of 11-21% growth.

"We completed the acquisition of Englobe during the quarter, creating a substantial new growth platform in Canada," said Jay S. Hennick, Chairman & CEO of Colliers. "With a robust M&A pipeline, we are well positioned to continue growing and strengthening our operations for the long-term."

The company ended the quarter with $98.8 billion in assets under management, up $2.4 billion from the previous quarter.

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Source: Investing.com