Commercial property services company CB Richard Ellis (CBRE) has announced that its net income for the full-year 2010 rose 501 percent to $200.3 million or $0.63 per diluted share, from $33.3 million or $0.12 per diluted share in 2009.
Revenue for 2010 surged 23 percent to $5.1 billion, compared with $4.2 billion in the previous year.
For Q4 2010, net income climbed to $95.1 million or $0.30 per diluted share, up 48 percent from $64.3 million or $0.21 per diluted share in Q4 2009.
The company’s Q4 2010 revenue reached $1.7 billion, up 27 percent from $1.3 billion in Q4 2009, the strongest year-on-year quarterly revenue growth since Q4 2007.
“The increasing pace of market recovery in 2010 was well matched to CB Richard Ellis’ strengths of people, brand and platform,” said Brett White, CEO of CBRE. “Our professionals around the world executed extremely well and drove our second-most profitable year ever, punctuated by sizable increases in activity across virtually all business lines in the final quarter. We believe the market remains in the early stages of recovery and we enter 2011 with excellent momentum in most business lines globally.”
CBRE saw double-digit revenue increases in Q4 in all business lines, except development services. Global leasing revenue went up 35 percent from Q4 2009, while global sales revenue increased 40 percent. Outsourcing revenue including real estate and facilities management edged up 10 percent, led by the Americas.
Geographically, the growth in revenue was led by the Americas at 35 percent, followed by the Asia Pacific and EMEA, with 18 percent and 7 percent respectively.
Looking ahead, CBRE expects that its adjusted earnings per share will be in the range of $0.95 to $1.05 this year.