Colliers International Group Inc. (NASDAQ: CIGI) saw its shares take off for the hills Tuesday, on financial results for the quarter ended September 30.
For the quarter, revenues were $692.3 million, down 6% (7% in local currency) relative to the same quarter in the prior year, adjusted EBITDA was $92.1 million, up 9% (8% in local currency) and adjusted EPS was $1.08, up 4% versus the prior-year period.
The real-estate company said third-quarter adjusted EPS would have been approximately $0.01 lower excluding foreign exchange impacts. GAAP operating earnings were $52.1 million, relative to $48.2 million in the prior-year quarter. GAAP diluted net earnings per share were $0.52 relative to $0.74 in the prior-year quarter.
Third-quarter GAAP EPS would have been approximately $0.01 lower excluding changes in foreign exchange rates.
"Despite the far-reaching impact of the pandemic, Colliers delivered better than expected financial results for the third quarter with continued growth from recurring services. The results are a testament to the resilience of our global platform and differentiated business model that is diversified by geography, service and asset class," said CEO Jay S. Hennick.
"While pandemic and geo-political uncertainties persist, we expect our full year results to be stronger than previously anticipated. During the quarter, we continued investing in our future through the integration of recently acquired Colliers Mortgage and Maser Consulting and completing the acquisition of Colliers Nashville, a leader in one of the fastest growing markets in the United States."
CIGI shares hiked $4.57, or 7.2%, to $68.28.
