CHICAGO - Cushman & Wakefield (NYSE: CWK) today reported financial results for the first quarter ended March 31, 2019:
- Revenue for the first quarter of 2019 was $1.9 billion, up 8% (10% local currencyi) from first quarter 2018. Fee revenue was $1.4 billion, up 10% (13% local currency).
- Net loss for the first quarter of 2019 was $(20.9) million, an improvement of $72.0 million over first quarter of 2018 with Net loss per share of $(0.10). Adjusted earnings per share was $0.10.
- Adjusted EBITDA was $88.4 million, up 18% (19% local currency) from first quarter 2018. Adjusted EBITDA margin of 6.4% was up 45 bps.
“We are off to a good start in 2019 with continued momentum in the first quarter marked by double-digit growth in Fee revenue and Adjusted EBITDA,” said Brett White, Executive Chairman & CEO. “In addition, we are executing our strategy, making significant progress on our financial, operational and growth objectives. We are on track to generate full-year Adjusted EBITDA of $685 to $735 millionii, consistent with our guidance for 2019.”
(1) See the end of this press release for reconciliations of (i) Fee revenue to revenue; (ii) Fee-based operating expenses to total costs and expenses; (iii) Adjusted EBITDA to net loss; and (iv) Adjusted net income to net loss; and for explanations on the calculations of Adjusted EBITDA margin and Adjusted earnings per share, diluted. See also the definition of, and a description of the purposes for which our management uses these non-GAAP measures under the Use of Non-GAAP Financial Measures section in this press release.
(2) For all periods with GAAP net loss, weighted average shares outstanding, diluted is used to calculate Adjusted earnings per share, diluted.