By Robb M. Stewart
Colliers International Group’s shares fell sharply after the Canadian professional services and investment management company’s third-quarter earnings fell short of expectations and it scaled back its financial guidance for the year.
In morning trading, the shares were 8% lower at C$118.20 in Toronto, for a drop so far this year of 5%. On Nasdaq’s boards, the stock was down 6.6% at $86.59, for a year-to-date decline to 5.9%.
Colliers’ adjusted per-share earnings came in at $1.19 for the just-ended quarter, below the $1.62 mean forecast of analysts polled by FactSet. Revenue fell 4.7% to $1.06 billion, in line with what analysts were expecting.
The company said it now anticipates adjusted per-share earnings this year of $5.10 to $5.50, where it previously expected $6.70 to $7.50, and revenue is now forecast at $4.3 billion to $4.4 billion from an earlier target of $4.4 billion to $4.6 billion. Adjusted earnings last year were $6.99 a share on revenue of $4.5 billion.
Write to Robb M. Stewart at [email protected]
Read the full article here
