NEW YORK (AP) — Shares of CBRE Group Inc. declined Wednesday as the real estate services company's third-quarter earnings fell short of analysts' estimates.
THE SPARK: On Tuesday, the Los Angeles company formerly known as CB Richard Ellis Group posted earnings of 28 cents per share on revenue of $1.73 billion. Removing certain items, earnings were 30 cents per share.
Analysts, on average, expected earnings of 33 cents per share on revenue of $1.73 billion, according to a FactSet poll.
It still foresees full-year adjusted earnings of $1.40 to $1.45 per share. Wall Street predicted earnings of $1.44 per share.
THE ANALYSIS: Brandon Dobell of William Blair said in a client note that the quarterly performance was basically in line with expectations, with better-than-expected growth in Europe, the Middle East and Africa. The analyst views the current stock price as an attractive buying opportunity for investors that are patient.
Dobell kept an "Outperform" rating.
SHARE ACTION: Down $1.10, or 4.5 percent, to $23.30 in afternoon trading. Year to date, the stock is up 23 percent.