Colliers International Group Inc., a Canadian professional services and investment management company, reported a growth in earnings for the recent quarter. The boost in earnings can be attributed to a decrease in acquisition-related costs and favorable foreign exchange movements, which helped offset a decline in transaction volumes.
Strong Financial Performance
Colliers International recorded net earnings of $81.2 million, or $1.42 per share, during the fourth quarter. This represents a significant increase from $62 million, or 51 cents per share, in the same period the previous year. Adjusted earnings per share for the quarter came in at $2, surpassing the mean forecast of $1.93 according to analysts polled by FactSet.
Revenue Figures
Revenue for the three-month period showed a slight uptick of 1% to reach $1.24 billion, slightly exceeding analysts’ expectations of $1.23 billion. However, when analyzing revenue in local-currency terms, Colliers reported that revenue remained flat for the period.
Performance by Business Segments
Colliers’ outsourcing and advisory business experienced a notable 12% increase in revenue, reaching $580.4 million. Meanwhile, the investment management arm saw a growth of 6.5%, with revenue reaching $129.1 million. However, leasing revenue dipped by 5.2% to $318.2 million, and revenue from capital markets operations saw a decline of 16% to $207.4 million.
Annual Revenue and Adjusted Earnings
Overall revenue for the entirety of 2023 experienced a decrease of 2.8% to $4.34 billion. In early November, Colliers adjusted its financial targets for the year, expecting annual revenue to fall between $4.3 billion and $4.64 billion, with adjusted earnings per share ranging from $5.10 to $5.50.
