Cushman & Wakefield plc (CWK) Reports Q3 EPS of $0.45, Revenues Beat

Cushman & Wakefield plc (NYSE: CWK) reported Q3 EPS of $0.45, versus $0.00 reported last year. Revenue for the quarter came in at $2.1 billion versus the consensus estimate of $1.37 billion.

• Revenue for the third quarter was $2.1 billion, up 21% (23% local currencyii). Fee revenue was $1.5 billion, up 17% (18% local currency).
• Net loss decreased $29.9 million to $(48.7) million, with net loss per share of $(0.26) and Adjusted earnings per share of $0.45.
• Adjusted EBITDA was $179.0 million, up 75% (77% local currency). Adjusted EBITDA margin of 11.9% was up 400 bps driven by Fee revenue mix and operating leverage.
• 2018 Adjusted EBITDA expected to be in the range of $630.0 to $650.0 million.

“We are extremely pleased with the performance of our business, reporting double-digit fee revenue growth along with significant growth in adjusted EBITDA,” said Brett White, Executive Chairman & CEO. “Our results and growth, combined with a supportive external environment, have created great momentum across our geographic segments, led by our capital markets and leasing service lines.”

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

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