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CoStar: 1Q Earnings Snapshot

WASHINGTON (AP) _ CoStar Group Inc. (CSGP) on Tuesday reported first-quarter net income of $85.2 million.

On a per-share basis, the Washington-based company said it had net income of $2.33. Earnings, adjusted for one-time gains and costs, were $2.53 per share.

The results topped Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of $2.44 per share.

The commercial real estate information and marketing provider posted revenue of $328.4 million in the period, also exceeding Street forecasts. Five analysts surveyed by Zacks expected $327.4 million.

For the current quarter ending in July, CoStar expects its per-share earnings to range from $1.94 to $2.02.

The company expects full-year earnings in the range of $9.90 to $10.10 per share, with revenue ranging from $1.37 billion to $1.38 billion.

CoStar shares have risen 47 percent since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $494.21, an increase of 34 percent 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