CoStar: 2Q Earnings Snapshot

Associated Press
Updated ·1 min read

WASHINGTON (AP) _ CoStar Group Inc. (CSGP) on Tuesday reported second-quarter profit of $60.4 million.

The Washington-based company said it had net income of $1.60 per share. Earnings, adjusted for one-time gains and costs, were $2.34 per share.

The results topped Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of $2.04 per share.

The commercial real estate information and marketing provider posted revenue of $397.2 million in the period, which also beat Street forecasts. Five analysts surveyed by Zacks expected $390 million.

For the current quarter ending in October, CoStar expects its per-share earnings to range from $2 to $2.10.

The company said it expects revenue in the range of $415 million to $420 million for the fiscal third quarter.

CoStar expects full-year earnings in the range of $9.22 to $9.42 per share, with revenue ranging from $1.63 billion to $1.64 billion.

CoStar shares have increased 20% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $716.74, a climb of 14% in the last 12 months.

_____

This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on CSGP at https://www.zacks.com/ap/CSGP