CBRE GROUP, INC. REPORTS 2014 REVENUE GROWTH OF 26%
AND 25% FOR FOURTH QUARTER
Adjusted Earnings Per Share up 17% for 2014; or 31% Ex. Carried Interest
Los Angeles, CA – February 4, 2015 — CBRE Group, Inc. (NYSE:CBG) today reported strong revenue and earnings growth for the year ended December 31, 2014.
Full-Year 2014 Results
• Revenue for full-year 2014 totaled .0 billion, an increase of 26% (27% in local currency) from .2 billion in 2013.
• Excluding selected charges1, net income2 for 2014 rose 18% to 1.1 million from 4.3 million in 2013, while earnings per diluted share improved 17% to .68 from .43 for the prior year. Selected charges (net of income taxes) totaled .6 million and 7.8 million in 2014 and 2013, respectively.
• Excluding carried interest in the Global Investment Management segment from both years, adjusted earnings per diluted share rose 31% from the prior year. 2013 included significantly more carried interest than 2014.
• On a U.S. GAAP basis, net income rose to 4.5 million, or .45 per diluted share, for 2014, up more than 50% from 6.5 million, or .95 per diluted share, for 2013. Prior-year results included a non-cash intangible asset impairment in the Global Investment Management business in continental Europe.
• Excluding selected charges, Earnings Before Interest Taxes Depreciation and Amortization (EBITDA)3 increased 14% to .2 billion in 2014 from .0 billion in the prior year. EBITDA3 (including selected charges) rose 16% to .1 billion for 2014 from 2.9 million for 2013.
• EBITDA for the year was positively impacted by less than .0 million as a result of foreign currency translation, after the effect of hedging.
Fourth-Quarter 2014 Results
• Revenue for the quarter totaled .8 billion, an increase of 25% (28% in local currency) from .2 billion in the fourth quarter of 2013.
• Excluding selected charges1, net income2 rose 3% to 7.5 million from 1.3 million in the fourth quarter of 2013, and adjusted earnings per diluted share rose to .68 from .67 in the prior-year period. For the fourth quarter, selected charges (net of income taxes) totaled .2 million versus 6.6 million for the same period in 2013.
• Excluding carried interest in the Global Investment Management segment from both quarters, adjusted earnings per diluted share rose 18% from the prior-year quarter. The 2013 fourth quarter included significantly more carried-interest than the 2014 fourth quarter.
• On a U.S. GAAP basis, net income rose 78% to 4.3 million, compared with 4.6 million for the fourth quarter of 2013. GAAP earnings per diluted share rose 79% to .61, compared with .34 in last year’s fourth quarter. Prior-year results included the non-cash charge referenced in the 2014 full-year results summary.
• Excluding selected charges, EBITDA3 increased 5% to 2.4 million from 2.7 million in the fourth quarter of 2013. EBITDA3 (including selected charges) rose 9% to 2.0 million for the fourth quarter of 2014, from 8.3 million for the same period a year earlier.
• EBITDA for the quarter was negatively impacted by approximately .0 million as a result of foreign currency translation, after the effect of hedging.
