UPDATE: Cushman & Wakefield plc (CWK) Posts In-Line Q2 EPS, Revenues In-Line

(updated to reflect updated consensus)

Cushman & Wakefield plc (NYSE: CWK) reported Q2 EPS of $0.46, in-line with the analyst estimate of $0.46. Revenue for the quarter came in at $1.97 billion versus the consensus estimate of $1.97 billion.

• Revenue for the second quarter was $2.0 billion, up 16% (15% local currencyii). Fee revenue was $1.4 billion, up 11% (10% local currency).
• Net loss decreased $15.1 million to $(32.2) million, while net loss per share decreased $0.11 to $(0.22) per share. Adjusted EPS was $0.46, an increase of $0.17 or 59%.
• Adjusted EBITDA was $169.8 million, up 30% (28% local currency). Adjusted EBITDA margin of 11.8% was up 180 bps versus second quarter 2017 driven by Fee revenue mix and operating leverage.
• Initial Public Offering and Private Placement were completed on August 6 and 7, 2018, resulting in net proceeds of approximately $1.0 billion.
• Subsequent to quarter close, we entered into a new Credit Agreement, repaid the First Lien debt and expanded our revolving credit facility.

“We are pleased to report strong results for the second quarter,” said Brett White, Executive Chairman & CEO of Cushman & Wakefield. “It’s an exciting time to be at Cushman & Wakefield. We’ve completed a successful IPO, our business performed very well at the top and bottom line through the first half of the year, and market conditions for commercial real estate remain robust.”

For earnings history and earnings-related data on Cushman & Wakefield plc (CWK) click here.

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