CoStar reports 20% revenue jump in Q1

Threat of Moody’s entering the sector hasn't stopped the data giant's revenues from growing

National /
Apr.April 23, 2019 06:31 PM
CoStar CEO Andy Florance (Credit: Getty Images and iStock)

CoStar CEO Andy Florance (Credit: Getty Images and iStock)

CoStar Group’s revenue jumped 20 percent year over year during the first quarter, reaching $328 million — due in part to strong results from its residential listings platform.

The company reported a 63 percent year-over-year jump in net income to $85 million, and a 61 percent increase in EBITDA to $113 million.

Andrew Florance, the company’s CEO and founder, said on an earnings call Tuesday that the figures were bolstered by Apartments.com, which posted a 30 percent year-over-year increase in revenue.

“We continue to pull further away from the competition, and in 2019 I believe we will continue on that trend,” Florance said on Tuesday’s earnings call.

The positive financial results come amid the growing threat of Moody’s Analytics. Through partnerships and ownership of firms including CompStak, Rockport VAL and Reis, Moody’s has sought to establish an alternate platform in the real estate data space, which has for decades been dominated by CoStar.

CoStar’s share price jumped 1.64 percent Tuesday, and closed trading at $495 a share, a record for the company. Its market capitalization is now over $18 billion.

Following a year of record revenue in 2018, which topped out at $1.2 billion, the company re-adjusted its financial goals and said it was aiming for $3 billion in annual sales by 2023, and more than $1.3 billion in revenue this year.


Related Articles

arrow_forward_ios
With a cooling trade war, stocks perform well, including real estate. (Credit: iStock)
Real estate stocks push up this week as U.S.-China trade tensions ease
Real estate stocks push up this week as U.S.-China trade tensions ease
416 West 25th Street and Maverick Real Estate Partners principal David Aviram (Credit: Google Maps and LinkedIn)
Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case
Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case
Blackstone Group's Stephen Schwarzman, KKR's Henry Kravis and Apollo's Leon Black (Getty, Facebook, iStock)
Blackstone, Apollo, KKR take market hit on Evergrande tumult
Blackstone, Apollo, KKR take market hit on Evergrande tumult
Turnbridge Equities founder Andrew Joblon, KKR co-founder Henry Kravis and the distribution center (Getty, Turnbridge)
Turnbridge, Dune land $381M loan for Hunts Point site
Turnbridge, Dune land $381M loan for Hunts Point site
Vanbarton Group’s Gary M. Tischler and Richard Coles with Marble Collegiate Church at 1 West 29th Street (Getty)
Vanbarton Group, church sued by foreign investors in fallout from HFZ debacle
Vanbarton Group, church sued by foreign investors in fallout from HFZ debacle
Northwind Group managing partner Ran Eliasaf and 165 Lexington Avenue (Northwind Group, Brooklyn North Capital)
Brooklyn North Capital, RiverBrook score $49M loan for Kips Bay condo
Brooklyn North Capital, RiverBrook score $49M loan for Kips Bay condo
One man, two companies, three bankruptcies
One man, three bankruptcies: Verrino Construction files for Chapter 7
One man, three bankruptcies: Verrino Construction files for Chapter 7
Maverick Real Estate Partners principal David Aviram and 416 West 25th Street (Google Maps and LinkedIn)
Maverick denied yet again in battle over Chelsea rental
Maverick denied yet again in battle over Chelsea rental
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...