CBRE Realty Finance soars after beating Q3 estimates
CBRE Realty Finance, Inc. (NYSE: CBF) shares soared in trading after the real estate finance company beat analyst third-quarter expectations, excluding two abandoned projects in Maryland.
For the three months ended Sept. 30, CBRE Realty’s funds from operations were $6.6 million, or $0.22 per share, above Wall Street projections of $0.20 per share and compared with $3.2 million, or $0.16 per share, a year earlier.
“During the past two months we have taken and will continue to take an aggressive approach to stabilizing our business. We've taken specific steps to strengthen our financial condition,” CEO Kenneth J. Witkin said in a statement. “The company's immediate focus is to continue to enhance our liquidity position.”
The Hartford, Conn.-based company’s third-quarter revenue rose 99% to $41.1 million, from $20.7 million a year earlier.
In today’s trading, CBF shares were up 23.19%, or $0.93, at $4.94. Over the last 52 weeks, shares have ranged from $3.52 to $18.39.
