CBRE Group, Inc. (NYSE:CBG) Q2 2016 Earnings Conference Call - Final Transcript
Jul 28, 2016 • 08:00 am ET
Greetings. And welcome to the CBRE Second Quarter 2016 Earnings Conference Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded.
It is now my pleasure to introduce your host, Steve Iaco, Investor Relations. Thank you. You may begin.
Thank you, and welcome to CBRE's second quarter 2016 earnings conference call. Earlier today, we issued a press release announcing our financial results for the quarter and first half of the year. This release is posted on the home page of our website CBRE.com. This conference call is being webcast through the Investor Relations section of our website. There you can find a presentation and slide deck, which you can use to follow along with our prepared remarks. An audio archive for the webcast will be posted to the website later today, and a transcript of our call will be posted tomorrow.
Now, please turn to slide labeled forward-looking statements. This presentation contains statements that are forward looking within the meaning of the Private Securities Litigation Reform Act of 1995. These include statements regarding CBRE's future growth momentum, operations, market share, business outlook, and financial performance expectations. These statements should be considered estimates only, and actual results may ultimately differ from these estimates. Except for the extent required by securities laws, we undertake no obligation to update or publicly revise any forward-looking statements we may make today. For a full discussion of the risks and other factors that may impact any forward-looking statements, please refer to our second quarter earnings report furnished on Form 8-K and our most recent Quarterly and Annual Reports on Form 10-Q and Form 10-K. These results are filed with the SEC and available at SEC.gov.
During this presentation, we may make certain statements that refer to non-GAAP financial measures as defined by SEC regulations. Where required by these regulations, we provided reconciliations of these measures to what we believe are the most directly comparable GAAP measures. Those reconciliations, together with explanations of these measures, can be found within the appendix of this presentation.
Please turn to slide 3. Participating on our call today are Bob Sulentic, our President and Chief Executive Officer; Jim Groch, our Chief Financial Officer; and Gil Borok, our Deputy Chief Financial Officer and Chief Accounting Officer.
Now, please turn to slide 4 as I turn the call over to Bob.
Thank you, Steve, and good morning, everyone. CBRE posted another quarter of strong growth on the top and bottom lines, with a 24% increase in adjusted EPS. This growth came amid an uncertain macro environment, and notably, a time when global property sales volumes market wide have pulled back from a robust 2015. The diversity of CBREs service offering is especially important in the current market environment.
Our performance for the quarter was supported by strong growth in mortgage services, reflecting continued debt capital flows into commercial real estate and in occupier outsourcing,