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CoStar beats Street 4Q forecasts

WASHINGTON (AP) _ CoStar Group Inc. (CSGP) on Wednesday reported fourth-quarter net income of $29.6 million.

On a per-share basis, the Washington-based company said it had net income of 91 cents. Earnings, adjusted for one-time gains and costs, came to $1.29 per share.

The results topped Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of $1.26 per share.

The commercial real estate information and marketing provider posted revenue of $218.3 million in the period, which also beat Street forecasts. Four analysts surveyed by Zacks expected $217.2 million.

For the year, the company reported net income of $85.1 million, or $2.62 per share, swinging to a profit in the period. Revenue was reported as $837.6 million.

For the current quarter ending in April, CoStar expects its per-share earnings to range from 92 cents to 97 cents.

The company said it expects revenue in the range of $223 million to $225 million for the fiscal first quarter.

CoStar expects full-year earnings in the range of $4.18 to $4.28 per share.

CoStar shares have risen 11 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $210.02, an increase of 22 percent 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

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Keywords: CoStar Group, Earnings Report