CB Richard Ellis 3Q profit drops 65 percent

The commercial real-estate company said after the closing bell Thursday that profit declined to $40.4 million, or 19 cents per share, from $114.9 million, or 48 cents per share, last year.

Excluding charges, the company would have earned profit of $56.1 million, or 27 cents per share. Analysts polled by Thomson Reuters expected profit of 23 cents per share. A year ago, CB Ellis earned $130.2 million, or 55 cents per share.

Sales declined 13 percent to $1.3 billion, topping Wall Street expectations of $1.18 billion.

Revenue in the company's global investment-management segment, which consists of operations in the U.S., Europe and Asia, fell 59.8 percent to $39.8 million from $99.1 million last year.

Sales in the company's Americas region, including the U.S., Canada and Latin America, declined 11% to $816.2 million from $914.7 million.

Brett White, president and chief executive of CB Richard Ellis, said in a statement, "Our third-quarter results reflected the extremely challenging market conditions, which continued to deteriorate globally."