CBRE Earnings: Shares Jump by 9% on Upbeat Growth and Profitability Guidance for 2024

Narrow-moat-rated CBRE’s fourth-quarter results were largely in line with our expectations as the firm's advisory services segment staged a recovery while its outsourcing segment remained robust. We believe the brokerage business should perform relatively well in the second half of 2024 but transaction volume will remain under pressure in the first half of the year, due primarily to our macroeconomic and interest rate outlooks. The company reported core EPS of $1.38 per share for the fourth quarter, 17% higher than the FactSet consensus estimate of $1.18. Additionally, fourth-quarter core EPS was roughly 7% higher year over year on a constant-currency basis.