CoStar Group Earnings: Here’s Why Shares are Up Now
CoStar Group Inc. (NASDAQ:CSGP) delivered a profit and beat Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are up 0.18%.
CoStar Group Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased 130% to $0.46 in the quarter versus EPS of $0.20 in the year-earlier quarter.
Revenue: Rose 51.3% to $100.1 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: CoStar Group Inc. reported adjusted EPS income of $0.46 per share. By that measure, the company beat the mean analyst estimate of $0.43. It beat the average revenue estimate of $98.17 million.
Quoting Management: “2012 was an exceptional year for CoStar both financially and strategically,” said Andrew C. Florance, Founder and Chief Executive Officer of CoStar. “We closed the LoopNet acquisition, and I am very pleased with the early successes we are achieving as we continue integrating the two companies. In the 10 months since we closed the acquisition of LoopNet, we have achieved cost synergies of approximately $18 million. We are successfully upselling LoopNet information users to CoStar information services. CoStar has now sold approximately $10 million of annual contract value in information services to LoopNet members who previously only had a $160,000 commitment. Similarly, we have sold $1.7 million of LoopNet marketing services to CoStar clients.”
Key Stats (on next page)…