In addition, CBRE's board has approved a three-for-one stock split on all of the company's outstanding class A common stock, payable on or about June 1 to stockholders of record as of May 15. After the stock split, the company's outstanding shares will total approximately 225 million.
The CBRE first quarter results reflect "improved performance across nearly all of its business lines," according to Brett White, president and CEO of the L.A.-based company. He cited continued strong investment sales and improved leasing activity in most major markets, with additional contributions from virtually all other business lines.
The company's financial performance has caught the eye of ratings agencies Standard & Poor's and Moody's. S&P issued a double-ratings upgrade on CBRE's senior debt and senior subordinated debt to BB+ and BB-, respectively.
This is the second time in the past two years that S&P has upgraded its ratings for CB Richard Ellis. Its upgrade followed a double-ratings upgrade from Moody's Investor Services last month.
The CBRE net income worked out to 48 cents per diluted share, compared with 19 cents per diluted share in the first quarter last year. Excluding one-time charges, first quarter 2006 diluted earnings per share would have been 52 cents per share, up 108% from the 25 cents per share of one year earlier.
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