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CBRE Q2 adjusted EPS up 9.5% YOY; guidance raised

CBRE Group Inc. reported adjusted net income for the second quarter of $277.1 million, or 81 cents per share, a 9.5% rise on a per-share basis from $252.6 million, or 74 cents per share, in the year-ago period.

For the second quarter, GAAP net income decreased year over year on a per-share basis to $224 million, or 66 cents per share, from $229 million, or 67 cents per share.

The S&P Global Market Intelligence consensus normalized EPS and GAAP EPS estimate for the quarter was 76 cents and 71 cents, respectively.

Revenue for the quarter came to $5.71 billion, an 11.8% rise from $5.11 billion in the second quarter of 2018.

In reporting results, CBRE said it forecasts adjusted EPS in the range of $3.70 to $3.80 for the full year, compared with previous guidance in the range of $3.50 to $3.70.

The S&P Global Market Intelligence consensus normalized EPS estimate for the full year is $3.70.