CHICAGO - Cushman & Wakefield (NYSE: CWK) today reported financial results for the first quarter ended March 31, 2023:
First Quarter 2023 Results:
- Revenue of $2.2 billion and service line fee revenue of $1.5 billion for the first quarter of 2023 decreased 4% and 12%, respectively, from the first quarter of 2022.
- Property, facilities and project management grew 7%, with growth in the Americas and APAC.
- Leasing and Capital markets declined 20% and 51%, respectively.
- Net loss and diluted loss per share for the first quarter of 2023 were $76.4 million and $0.34, respectively.
- Adjusted EBITDA of $60.9 million was down 72% from the first quarter of 2022.
- Adjusted (loss) earnings per share of $(0.04) was down from $0.48 in the first quarter of 2022.
- We generated $21 million of gross cost savings in the first quarter and expect to realize annualized gross cost savings of $90 million for the full year, as previously communicated.
- Liquidity as of March 31, 2023 was $1.6 billion, consisting of availability on the Company's undrawn revolving credit facility of $1.1 billion and cash and cash equivalents of $0.5 billion.
“Despite a challenging macroeconomic environment, Cushman & Wakefield’s teams around the world continue to deliver outstanding service and value to our clients, helping them navigate this complex landscape,” said John Forrester, Cushman & Wakefield Chief Executive Officer. “During the first quarter, our global diversified portfolio, especially in our recurring revenue service lines, helped mitigate the impact of lower demand for transactional services in our industry. We are keenly focused on operating efficiency and strengthening our market position in the current environment. We remain well-positioned to execute on our strategic priorities given our strong balance sheet, liquidity and commitment to creating value for our clients and shareholders.”
Megan McGrath | Investor Relations
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