U.S. Markets closed

CoStar beats Street 1Q forecasts

WASHINGTON (AP) _ CoStar Group Inc. (CSGP) on Wednesday reported first-quarter profit of $22.1 million.

The Washington-based company said it had profit of 68 cents per share. Earnings, adjusted for one-time gains and costs, came to $1.05 per share.

The results topped Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 94 cents per share.

The commercial real estate information and marketing provider posted revenue of $226.6 million in the period, also beating Street forecasts. Five analysts surveyed by Zacks expected $224.2 million.

For the current quarter ending in July, CoStar expects its per-share earnings to range from 58 cents to 64 cents.

The company said it expects revenue in the range of $233 million to $235 million for the fiscal second quarter.

CoStar expects full-year earnings in the range of $4.30 to $4.40 per share, with revenue ranging from $945 million to $955 million.

CoStar shares have increased 16 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $219.36, a rise of 20 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


Keywords: CoStar Group, Earnings Report