CB Richard Ellis Group Beats; Shares Rally (CBG)

CB Richard Ellis Group, Inc. CBG reports Q2 earnings of $0.18 versus estimates of $0.09. CB Richard Ellis Group, Inc. reports Q2 revenues of $1.17 billion versus estimates of $1.01 billion. Revenue increased 23% year over year. Assets under management totaled $33.7 billion at the end of Q2. These results represent the Company's strongest quarterly year-over-year growth in revenue since the fourth quarter of 2007, and in EBITDA, excluding selected charges, since the first quarter of 2007. "Our financial performance continued to strengthen across most business lines globally, and we have good momentum entering the year's second half," said Brett White, chief executive officer of CB Richard Ellis. "In the U.S., we saw a very strong pick up in property sales and leasing, reflecting recovering market conditions. Europe produced robust growth, fueled by the recovery of the property sales market in the larger economies, such as the U.K., Germany and France. Asia Pacific also sustained the strong top-line growth that first became evident there late last year.” Shares of CBG are trading higher in the after-hours by 3.83%.