Colliers International Group Inc. Reports Third Quarter Earnings

TORONTO – Colliers International Group Inc. (NASDAQ:CIGI) reported third quarter earnings that missed analyst expectations, leading to a lowered full-year outlook due to weaker fundraising in its investment management segment.

The company posted adjusted earnings per share of $1.32 for the quarter, falling short of the $1.50 consensus estimate. Revenue was $1.18 billion, matching analyst projections.

Colliers indicated that revenues increased 12% YoY, or 11% in local currency terms, with notable growth across all service lines. Engineering revenues rose 21% and Capital Markets revenues increased 17%.

Despite this growth, Colliers revised its full-year 2024 outlook, stating "updated fundraising expectations in its high-margin Investment Management segment for the remainder of the year." The company now anticipates adjusted EPS growth of 6-12%, down from previous guidance of 11-21% growth.

Jay S. Hennick, Chairman & CEO of Colliers, commented, "We completed the acquisition of Englobe during the quarter, creating a substantial new growth platform in Canada. With a robust M&A pipeline, we are well positioned to continue growing and strengthening our operations for the long-term."

The company concluded the quarter holding $98.8 billion in assets under management, reflecting an increase of $2.4 billion from the prior quarter.

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