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Sep 30, 2023
CBRE Q3 2023 Earnings Report
CBRE reported a decline in GAAP EPS and Core EPS due to sustained slowdown in property sales and debt financing activity.
Key Takeaways
CBRE Group, Inc. reported financial results for the third quarter ended September 30, 2023. GAAP EPS declined 56% to $0.61, and Core EPS declined 36% to $0.72. The company now expects 2023 core earnings-per-share to decrease by mid-30%.
Commercial real estate capital markets remained under significant pressure.
Experienced a sustained slowdown in property sales and debt financing activity.
Decline in core earnings-per-share was exacerbated by delays in harvesting development assets.
Interest rates have increased more than 100 basis points since the second quarter results.
CBRE
CBRE
CBRE Revenue by Segment
Revenue by Segment
Advisory Services Revenue
CapyFin.comBuilding Ops & Experience Revenue
CapyFin.comReal Estate Investments Revenue
CapyFin.com Forward Guidance
CBRE now expects 2023 core earnings-per-share to decrease by mid-30%, compared with a 20% to 25% decline anticipated when the company reported second quarter 2023 results 90 days ago. The reduced outlook is almost entirely attributable to the company’s interest-rate sensitive businesses. The company believes 2023 will be the trough for earnings.
Revenue & Expenses
Visualization of income flow from segment revenue to net income