Categories Earnings, Other Industries

Cushman & Wakefield Q3 loss narrowed on higher fee revenue

Commercial real estate services firm Cushman & Wakefield (CWK) reported a narrower loss in the third quarter helped by the increase in Fee revenue exceeding the increase in Fee-based operating expenses and a higher benefit from income taxes.

Net loss decreased to $48.7 million or $0.26 per share from $78.6 million or $0.55 per share in the previous year quarter. Adjusted earnings soared 181% to $0.45 per share.

Revenue grew 21% to $2.1 billion. Fee revenue increased 17% reflecting increases primarily in Leasing, Capital markets, and Property, facilities, and project management. Leasing Fee revenue increased 30% driven by an America’s increase of 33%, with the remainder of the Fee revenue growth primarily in EMEA.

Setback for Walmart as CEO of Flipkart quits over “personal misconduct”

Capital markets Fee revenue increased by 34% driven by America’s increase of 42%. Property, facilities and project management Fee revenue rose by 6% helped by an America’s rise of 5% with the remainder of the Fee revenue growth primarily in EMEA.

Gross contract costs, primarily in the Property, facilities and project management service line, increased $149.6 million driven by the $98.5 million impacts of the adoption of Topic 606. Foreign currency had a 3% unfavorable impact on Revenue.

Looking ahead into the full year 2018, the company now expects adjusted EBITDA in the range of $630 million to $650 million.

Shares of Cushman & Wakefield ended Tuesday’s regular session up 2.25% at $16.85 on the NYSE. The stock has fallen over 28% since its IPO listing on August 2, 2018.

 

Follow our Google News edition to get the latest stock market, earnings and financial news at your fingertips.

Most Popular

Does Unity Software (U) stock has more room to run?

Last month, the IPO market was in a full swing. IPOs of Snowflake (NYSE: SNOW) and JFROG (NASDAQ: FROG) had an impressive opening day in September, the former creating a

PepsiCo (PEP): Steady snacking habits amid pandemic drive strong quarter for beverage giant

PepsiCo Inc. (NASDAQ: PEP) beat market expectations on both revenue and earnings for the third quarter of 2020. The company saw the momentum continue in its snacks business while the

Does the virus-driven boom make Electronic Arts (EA) a good investment?

With more and more people turning to virtual entertainment sources, amid the virus-related movement restrictions, video game publishers like Electronic Arts (NASDAQ: EA) are witnessing unusually high demand. Not surprisingly,

Leave a Reply

Your email address will not be published. Required fields are marked *

Add Comment
Loading...

Cancel
Viewing Highlight
Loading...
Highlight
Close
Top