CHICAGO- Cushman & Wakefield (NYSE: CWK) today reported financial results for the second quarter ended June 30, 2019:
- Revenue for the second quarter of 2019 was $2.1 billion, up 7% (10% local currencyi) from second quarter of 2018.
- Fee revenue was $1.6 billion, up 9% (11% local currency). Net income for the second quarter of 2019 was $6.3 million, an improvement of $39.8 million over second quarter of 2018 with earnings per share of $0.03. Adjusted earnings per share was $0.39. Adjusted EBITDA was $174.5 million, up 3% (4% local currency) from second quarter of 2018.
- Adjusted EBITDA margin of 11.1% was down 65 bps.
“We continued to see good momentum in our business through the first half of the year marked by growth in Fee revenue and Adjusted EBITDA,” said Brett White, Executive Chairman & CEO. “In addition, we are executing our strategy and 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.”
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i In order to assist our investors and improve comparability of results, we present the period-over-period changes in certain of our financial measures, such as Fee revenue and Adjusted EBITDA, in "local" currency. The local currency change represents the period-over-period change assuming no movement in foreign exchange rates from the prior period. We believe that this presentation provides our management and investors with a better view of comparability and trends in the underlying operating business.
ii 2019 Outlook: Cushman & Wakefield provides guidance on a non-GAAP basis, as the Company cannot predict some elements that are included in reported GAAP results, including the impact of foreign exchange. Refer to the Use of Non-GAAP Financial Measures section for a more detailed discussion of non-GAAP financial measures. The Company has not reconciled the Adjusted EBITDA forward-looking guidance included in this press release to the most directly comparable GAAP measure because this cannot be done without unreasonable effort due to the variability and low visibility with respect to costs related to integration and other costs related to merger, share-based compensation and acquisitions related costs and other efficiency initiatives, which are potential adjustments to future earnings. We expect the variability of these items to have a potentially unpredictable, and a potentially significant, impact on our future GAAP financial results.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 51,000 employees in 400 offices and 70 countries. In 2018, the firm had revenue of $8.2 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.