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CoStar: 1Q Earnings Snapshot

WASHINGTON (AP) _ CoStar Group Inc. (CSGP) on Tuesday reported first-quarter net income of $72.8 million.

The Washington-based company said it had profit of $1.98 per share. Earnings, adjusted for one-time gains and costs, were $2.44 per share.

The results beat Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of $2.28 per share.

The commercial real estate information and marketing provider posted revenue of $391.8 million in the period, also surpassing Street forecasts. Four analysts surveyed by Zacks expected $387.6 million.

For the current quarter ending in July, CoStar expects its per-share earnings to range from $2.02 to $2.12.

The company said it expects revenue in the range of $387 million to $392 million for the fiscal second quarter.

CoStar shares have risen roughly 2% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $607.84, an increase of 25% in the last 12 months.

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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