Why did CIGI's earnings decline in Q2 and Q3 2024?

Colliers International Group Inc. (CIGI) did not experience a decline in its earnings in Q2 and Q3 2024. On the contrary, the company reported robust growth across its business segments during these quarters. 1. **Engineering Segment's Seasonal Impact**: The Engineering segment did not contribute to the overall earnings decline, but it did experience a slight decrease in net revenue margin due to weather-related seasonality in newly acquired businesses. This seasonal impact is a short-term phenomenon and did not lead to a decline in the overall earnings of the company. 2. **Investment Management's Margins**: The Investment Management segment faced a modest growth in EBITDA, with flat margins resulting from ongoing investments in fundraising and new product launches. This strategic investment for growth did not negatively impact the company's overall earnings but might have affected margin stability. 3. **Foreign Exchange Rates**: The company anticipated that foreign exchange rates could negatively impact reported results by 2% to 3% in 2025. This potential impact was not specific to Q2 and Q3 2024 but rather a broader forecast for the upcoming year. Therefore, it did not contribute to the earnings decline in those quarters. In summary, the earnings of CIGI did not decline in Q2 and Q3 2024. The Engineering segment's seasonal impact and Investment Management's strategic investments actually contributed to the robust growth of the company during these quarters. The potential impact of foreign exchange rates was more of a future forecast rather than a factor in the recent past.