CoStar Group, Inc. (CSGP) Tops Q1 EPS by 5c

CoStar Group, Inc. (NASDAQ: CSGP) reported Q1 EPS of $0.69, $0.05 better than the analyst estimate of $0.64. Revenue for the quarter came in at $119.1 million versus the consensus estimate of $117.66 million.

"We had a very strong first quarter as we continued to drive solid revenue growth," said Andrew C. Florance, Founder and Chief Executive Officer of CoStar Group. "In March, we generated our highest monthly net new sales in our history which is a result of the substantial expansion of our field sales team late last year. As new sales executives become more productive throughout 2014 and into 2015, I expect our sales will continue to grow."

Florance continued, "Today we are very focused on executing on an exciting new business plan forApartments.com. We announced our agreement to acquire Apartments.com less than two months ago and we closed the acquisition just 22 days ago, yet in that short time we believe we have developed a transformative customer centric business plan that will result in significant and sustainable revenue and earnings growth. Hundreds of talented personnel from LoopNet, CoStar, and Apartments.com are already aligning and working together to jointly execute on that innovative business plan. I believe that this is the fastest I have ever seen merging companies come together around a common business objective."

For earnings history and earnings-related data on CoStar Group, Inc. (CSGP) click here.

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