CBRE Group said net income for Q2 2024 was $130.0 million, down 35.5% from $201.4 million in the same period last year, while revenue rose 8.7% to $8.4 billion over the same period.

10-QQuarterly reportFiled Jul 25, 2024Period of report Jun 30, 2024Summary published (UTC) Oct 24, 2026

Key points

AI summary

CBRE Group said net income for Q2 2024 was $130.0 million, down 35.5% from $201.4 million in the same period last year, while revenue rose 8.7% to $8.4 billion over the same period.
The company said operating, administrative and other expenses rose 9.3% in Q2, citing restructuring costs and an indirect tax settlement accrual of $80.3 million as the main factors. It said $3.0 million was recorded in the prior-year period.
CBRE Group said net cash used in operating activities for the 6 months ended June 30, 2024 was $204.8 million, down from $755.6 million a year earlier, and net cash used in investing activities was $1.3 billion. It attributed the increase in investing outflows mainly to its acquisitions of J&J Worldwide Services (February 2024) and Direct Line Global (June 2024).
The company said on June 24, 2024 that it plans to combine its project management business with its Turner & Townsend subsidiary, and that it expects the transaction to close in early 2025. It plans to organize its operations around, and publicly report its financial results on, 4 reportable segments in 2025.

Key figures

Quarter ended June 30, 2024

Revenue: $8.2B
Operating income: $246M
Net income: $130M
EPS: $0.42

From the XBRL financial data filed with the SEC · not processed by AI.

Summary

AI-written

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

Q2 net income $130.0 million, revenue $8.4 billion

CBRE Group said net income for Q2 2024 was $130.0 million, down 35.5% from $201.4 million in the same period last year, while revenue rose 8.7% to $8.4 billion over the same period.

Source · Based on the MD&A text of the filing

Q2 restructuring and indirect tax settlement accrual $80.3 million

The company said operating, administrative and other expenses rose 9.3% in Q2, citing restructuring costs and an indirect tax settlement accrual of $80.3 million as the main factors. It said $3.0 million was recorded in the prior-year period.

Source · Based on the MD&A text of the filing

6-month cash flow: operating use $204.8 million, investing use $1.3 billion

CBRE Group said net cash used in operating activities for the 6 months ended June 30, 2024 was $204.8 million, down from $755.6 million a year earlier, and net cash used in investing activities was $1.3 billion. It attributed the increase in investing outflows mainly to its acquisitions of J&J Worldwide Services (February 2024) and Direct Line Global (June 2024).

Source · Based on the MD&A text of the filing

Plans to combine project management with Turner & Townsend

The company said on June 24, 2024 that it plans to combine its project management business with its Turner & Townsend subsidiary, and that it expects the transaction to close in early 2025. It plans to organize its operations around, and publicly report its financial results on, 4 reportable segments in 2025.

Source · Based on the MD&A text of the filing

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

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