CHICAGO - Cushman & Wakefield (NYSE: CWK) today reported financial results for the third quarter of 2022:
Year-to-Date Results:
- Revenue of $7.5 billion and service line fee revenue of $5.4 billion for the nine months ended September 30, 2022 increased 15% and 16%, respectively, from the nine months ended September 30, 2021.
- Leasing, Capital markets and Property, facilities and project management experienced continued growth, led by the Americas.
- Net income and earnings per share for the nine months ended September 30, 2022 were $166.6 million and $0.73, respectively.
- Adjusted earnings per share of $1.54 was ahead of the nine months ended September 30, 2021 of $1.10.
- Adjusted EBITDA of $679.0 million increased 26% from the nine months ended September 30, 2021.
- Liquidity as of September 30, 2022 was $1.5 billion, consisting of availability on the Company's undrawn revolving credit facility of $1.1 billion and cash and cash equivalents of $0.4 billion.
Third Quarter Results:
- Revenue of $2.5 billion and service line fee revenue of $1.8 billion for the third quarter of 2022 increased 8% and 4%, respectively, from the third quarter of 2021.
- Leasing and Property, facilities and project management grew 13% and 10%, respectively.
- Capital markets declined 20%.
- Net income and earnings per share for the third quarter of 2022 were $23.9 million and $0.11, respectively.
- Adjusted earnings per share of $0.43 was down 10% from the third quarter of 2021.
- Adjusted EBITDA of $201.9 million was down 8% from the third quarter of 2021.
“Cushman & Wakefield has again delivered top-line growth, as we continue to make excellent progress on our multi-year strategy of investing in the long-term growth sectors of our industry,” said John Forrester, Cushman & Wakefield Chief Executive Officer. "Property, facilities and project management, as well as our Leasing service lines across a broad spectrum of sectors, performed well. Our global and diversified service platform, strong balance sheet and liquidity also position us well in the current macroeconomic environment and enable our people to continue to execute against our strategic priorities. Even in the midst of the current environment, we remain extremely encouraged about the long-term fundamentals in our industry and our ability to drive value for our clients and shareholders."
INVESTOR RELATIONS:
Mike Spooner | Investor Relations
+1 312 338 7860
IR@cushwake.com