Cushman & Wakefield Reports Robust Q3 Results, Surpassing Expectations

NEW YORK - Cushman & Wakefield plc (NYSE: CWK) announced better-than-expected third-quarter results on Monday. The results were driven by strong global leasing revenue growth.

The commercial real estate services firm reported adjusted earnings of $0.23 per share, surpassing the analyst consensus estimate of $0.21. Revenue came in at $2.34 billion, significantly above the expected $1.61 billion.

Global leasing revenues increased by 13% year-over-year, with particularly strong performances in the Americas and Asia-Pacific regions. In the Americas, leasing revenues rose by 16% due to robust office and industrial activity.

CEO Michelle MacKay stated, "This quarter marked an important milestone. We achieved the highest global leasing revenue growth since the second quarter of 2022 and recorded the first increase in capital markets revenue in the Americas."

The company generated a strong free cash flow of $61.1 million year-to-date, allowing it to fully repay a term loan maturing in 2025 ahead of schedule.

Despite ongoing interest rate volatility leading to an overall decline of 4% in capital markets revenue, the Americas segment recorded a growth of 2% in this area.

Cushman & Wakefield's adjusted EBITDA for the quarter was $142.5 million, representing a year-over-year decrease of 5%. The adjusted EBITDA margin was 8.7%, down 72 basis points compared to the third quarter of 2023.

Looking ahead, MacKay mentioned that the strategic initiatives completed over the past year have "created meaningful growth opportunities for our business, and we are energized to realize these priorities in the years to come."