The Canadian professional services and investment management company, Colliers International Group, experienced a significant drop in its shares following lower-than-expected third-quarter earnings. As a result, the company has revised its financial guidance for the year.
In morning trading, Colliers' shares were down 8% at C$118.20 in Toronto, contributing to a year-to-date decline of 5%. On Nasdaq's boards, the stock dropped 6.6% to $86.59, bringing the year-to-date decline to 5.9%.
Earnings and Revenue
For the just-ended quarter, Colliers reported adjusted per-share earnings of $1.19, falling short of the mean forecast of analysts polled by FactSet, which was $1.62. The company's revenue also decreased by 4.7% to $1.06 billion, aligning with analysts' expectations.
Revised Financial Guidance
Colliers has adjusted its expectations for adjusted per-share earnings this year from the previous range of $6.70 to $7.50 to the new range of $5.10 to $5.50. Similarly, the revenue forecast has been revised from $4.4 billion to $4.6 billion to $4.3 billion to $4.4 billion. In comparison, adjusted earnings last year amounted to $6.99 per share on a revenue of $4.5 billion.