CB Richard Ellis Group has reported revenue for the second quarter ended June 30, 2006 of $836.2 million, up 24% over the second quarter of 2005. Excluding one-time charges (predominantly due to costs related to extinguishment of debt), second quarter 2006 diluted earnings per share was $0.34, an increase of 48% from the $0.23 earned in the second quarter of 2005.
The Company's second quarter results continue to reflect strong performance across virtually all business lines and geographies, as well as contributions from acquisitions. Of the 24.4% revenue growth, approximately two-thirds was due to organic growth and one-third was attributable to acquisitions completed in 2005 and earlier in 2006.
Revenue for the EMEA region, mainly consisting of operations in Europe, increased 38.3% to $170.3 million for the second quarter of 2006, compared with $123.1 million for the second quarter of 2005.
The Company continued to make strong gains in its outsourcing businesses partially due to the fact that its broad geographic reach is well aligned with the multi-market requirements of both institutional investors and large corporations. For example, the Company furthered its representation of several major Corporate Services clients, including Boeing (85 million ft² portfolio), Northrop Grumman (55 million ft² portfolio) and DHL Express (28 million ft² portfolio).
Source: CB Richard Ellis
