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CoStar completes purchase of STR, updates FY'19 outlook

CoStar Group Inc. completed its acquisition of STR Inc., which provides performance benchmark information to hotel brands, and unit STR Global Ltd. for approximately $450 million.

The commercial real estate information provider expects STR to add $3 million to $4 million in revenue in the fourth quarter. Due to integration costs and purchase accounting adjustments for deferred revenue, CoStar expects STR adjusted EBITDA of negative $5 million to $6 million in the quarter.

The company increased its outlook for revenue but cut its forecasts for non-GAAP EPS and adjusted EBITDA for full year 2019. CoStar expects revenues of about $1.39 billion, an increase of $2 million at the midpoint of the range compared with the previous outlook. The company also anticipates non-GAAP EPS of $9.90 to $10.02, a decrease of 11 cents at the midpoint compared with the previous forecast, and adjusted EBITDA of $494 million to $500 million, a decrease of $5 million at the midpoint of the range.

The S&P Global Market Intelligence consensus normalized EPS estimate for the year is $9.99.

For the fourth quarter, CoStar expects revenue of $360 million to $366 million, adjusted EBITDA of $129 million to $135 million and non-GAAP EPS of $2.52 to $2.64. CoStar's revenue forecast represents a 15% increase from the year-ago period at the midpoint of the range.

The S&P Global Market Intelligence consensus normalized EPS estimate for the quarter is $2.62.

CoStar reported third-quarter non-GAAP net income of $95.8 million, or $2.61 per share, up from $78.8 million, or $2.16 per share, in the year-ago period. GAAP net income also increased year over year to $78.6 million, or $2.15 per share, from $58.8 million, or $1.61 per share.

The Market Intelligence consensus normalized EPS for the third quarter was $2.52.