Reports Q4 revenue $8.19B, consensus $7.97B. "Although core earnings declined significantly in Q4, they slightly exceeded the estimate we provided last quarter. This outcome was driven by better-than-expected growth in several of the more cyclically resilient elements of our business like outsourcing and others that are secularly favored like project management and the logistics asset class – offset by a slightly larger-than-expected decline in transactional revenue," said CEO Bob Sulentic. "For all of 2022, we achieved a solid, 7% growth rate in core earnings-per-share despite the more than doubling of long-term interest rates, sharp equity market decline and the credit crunch that constrained investment activity for most of the second half. For 2023, we expect core EPS to decline by low- to mid-double digits, but still to be the third-highest in CBRE‘s history. While the macro environment can certainly change, we expect core EPS to grow strongly in 2024, exceeding the 2022 peak and reaching a record level in just the first year after a recession."
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