In a story about CoStar Group Inc.'s earnings, The Associated Press reported erroneously, in a report generated by Automated Insights using data from Zacks Investment Research, that the company's adjusted earnings missed Wall Street expectations. The company beat Wall Street expectations.
A corrected version of the story is below:
CoStar beats 4Q profit forecasts
CoStar Group beats 4Q net income expectations, tops revenue forecasts
WASHINGTON (AP) — CoStar Group Inc. (CSGP) on Wednesday reported fourth-quarter net income of $13.9 million.
The Washington-based company said it had profit of 43 cents per share. Earnings, adjusted for one-time gains and costs, came to 93 cents per share.
The results beat Wall Street expectations. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of 88 cents per share.
The commercial real estate information and marketing provider posted revenue of $156.1 million in the period, also topping Street forecasts. Analysts expected $154.1 million, according to Zacks.
For the year, the company reported profit of $44.9 million, or $1.46 per share. Revenue was reported as $575.9 million.
For the current quarter ending in March, CoStar expects its per-share earnings to range from 18 cents to 22 cents.
The company said it expects revenue in the range of $157 million to $159 million for the fiscal first quarter.
CoStar expects full-year earnings in the range of $1.95 to $2.05 per share, with revenue ranging from $655 million to $660 million.
CoStar shares have climbed slightly more than 4 percent since the beginning of the year. The stock has decreased slightly more than 6 percent in the last 12 months.
Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on CSGP at http://www.zacks.com/ap/CSGP
Keywords: CoStar Group, Earnings Report