In the second quarter, Colliers International Group Inc. experienced a net loss of $6.9 million, or 16 cents per share, compared to earnings of $30.4 million, or 67 cents per share, in the same period last year. While the adjusted earnings per share came in at $1.31, slightly below the mean forecast of $1.38 by analysts polled by FactSet.
The company’s revenue also decreased by 4.4% to $1.08 billion, falling just short of the expected $1.09 billion.
Despite these setbacks, Colliers’ outsourcing and advisory business saw a 9.2% increase in revenue, reaching $519.6 million. Additionally, revenue for its investment management arm surged 58% to $118.9 million. However, leasing revenue dropped by 7.5%, and revenue from capital markets operations fell by 39%.
Although Colliers faced challenges in the second quarter, the company remains committed to achieving its financial targets for the year. In May, these targets were adjusted to a projected revenue range of $4.4 billion to $4.6 billion and adjusted earnings per share between $6.70 and $7.50.
Throughout the year, Colliers has expanded its operations through strategic acquisitions. In May, the company acquired HilgartWilson, an engineering, planning, and survey firm based in Arizona. Additionally, Colliers purchased a controlling stake in Greenstone Group Ltd., a New Zealand real estate project management and advisory firm, and obtained a majority interest in BelSquare SRL, a real estate adviser in Belgium.