Real estate data provider CoStar Group (NASDAQ: CSGP) will be reporting earnings this Tuesday after market close. Here’s what investors should know.
CoStar met analysts’ revenue expectations last quarter, reporting revenues of $732.2 million, up 11.5% year on year. It was a strong quarter for the company, with an impressive beat of analysts’ EPS estimates and revenue guidance for next quarter meeting analysts’ expectations.
Is CoStar a buy or sell going into earnings? Read our full analysis here, it’s free.
This quarter, analysts are expecting CoStar’s revenue to grow 13.9% year on year to $772.2 million, improving from the 11.9% increase it recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.14 per share.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. CoStar has missed Wall Street’s revenue estimates three times over the last two years.
Looking at CoStar’s peers in the professional services segment, some have already reported their Q2 results, giving us a hint as to what we can expect. ManpowerGroup posted flat year-on-year revenue, beating analysts’ expectations by 3.6%, and Concentrix reported revenues up 1.5%, topping estimates by 1.2%. ManpowerGroup’s stock price was unchanged after the resultswhile Concentrix was down 6.3%.
Read our full analysis of ManpowerGroup’s results here and Concentrix’s results here.
There has been positive sentiment among investors in the professional services segment, with share prices up 4.5% on average over the last month. CoStar is up 6.4% during the same time and is heading into earnings with an average analyst price target of $89.41 (compared to the current share price of $85.20).
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