Colliers Shares Fall As Q1 Results Miss The Street, Cuts Outlook

(RTTNews) - Shares of Colliers International Group Inc. (CIGI) are falling more than 9% Tuesday morning after the company's first-quarter results missed analysts' view. It also cut full-year outlook.

The company reported net loss of $907000 for the quarter compared with profit of $21.32 million a year ago. Loss per share was $0.42 compared with $0.38 loss last year.

Excluding one-time items, adjusted earnings declined to $40.63 million or $0.86 per share from $70.43 million or $1.44 per share last year. Earnings missed the average estimate of analysts polled by Thomson-Reuters of $1.39 per share.

For the first quarter, revenues were $965.9 million, down 3% from last year. The consensus estimate was for $974.7 million.

Looking forward, the company has lowered its full-year revenue outlook to $4.4 billion - $4.6 billion range from $4.6 billion - $4.8 billion provided earlier. Adjusted EPS outlook has been reduced to $6.70 - $7.50 from $7.50 - $8.00.

Analysts expect earnings of $7.52 per share on revenue of $4.64 billion for the year.

CIGI is at $95.23 currently. It has traded in the range of $84.16 - $133.03 in the last 52 weeks.