Shares of Colliers International saw a strong increase on Wednesday after the Canadian professional services and investment management company affirmed its financial targets for the year, despite reporting a loss in the second quarter.
In morning trading, Colliers’ shares were up 7.6% at C$144.04 on the Toronto Stock Exchange, bringing the year-to-date gain to 16%. On Nasdaq, the stock was up 7% at $107.90, with a year-to-date gain of 17%.
Colliers International continues to expect revenue between $4.4 billion and $4.6 billion, along with adjusted per-share earnings ranging from $6.70 to $7.50.
While lower capital markets and leasing transaction volumes are anticipated for the remainder of the year, robust growth is expected to continue in Colliers’ investment management and outsourcing and advisory segment.
During the second quarter, Colliers International reported a net loss of $6.9 million, or 16 cents a share, compared to earnings of $30.4 million, or 67 cents per share, in the previous year. Adjusted per-share earnings came in at $1.31, below the analysts’ mean forecast of $1.38.
Revenue for the quarter slipped 4.4% to $1.08 billion, slightly below the expected $1.09 billion.
While leasing revenue dropped by 7.5%, Colliers’ outsourcing and advisory business experienced a 9.2% rise in revenue to $519.6 million. Additionally, its investment management arm saw a significant jump of 58% in revenue to $118.9 million. Revenue from capital markets operations decreased by 39%.
