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Cushman & Wakefield Reports Strong Revenue Growth for Fourth Quarter and Full Year 2019

2/27/2020

CHICAGO--(BUSINESS WIRE)-- Cushman & Wakefield (NYSE: CWK) today reported financial results for the full year and fourth quarter ended December 31, 2019 and provided 2020 guidance:

  • Revenue for the full year 2019 was $8.8 billion, up 6% (8% local currencyi). Fee revenue was $6.4 billion, up 8% (9% local currency).
  • Full year Net income was $0.2 million, an improvement of $186.0 million over 2018 with earnings per share of $0.00 and Adjusted earnings per share of $1.64.
  • Full year Adjusted EBITDA was $724.4 million, up 10% (11% local currency). Adjusted EBITDA margin of 11.3% was up 25 bps.
  • Revenue for the fourth quarter of 2019 was $2.6 billion, up 9% (9% local currency). Fee revenue was $1.9 billion, up 9% (9 % local currency).
  • Net income for the fourth quarter of 2019 was $3.1 million, an improvement of $21.1 million over fourth quarter of 2018 with earnings per share of $0.01. Adjusted earnings per share was $0.78.
  • Adjusted EBITDA for the fourth quarter of 2019 was $293.0 million, up 24% (25% local currency). Adjusted EBITDA margin of 15.4% was up 195 bps.
  • 2020 Adjusted EBITDA expected to be in the range of $810 million to $860 millionii, anticipating margin improvement of over 75 bps (at the midpoint of the range) driven by a combination of organic growth and operating efficiency initiatives.

“2019 was a great year for Cushman & Wakefield on many levels. In addition to delivering strong revenue, Adjusted EBITDA and margin growth, we completed a comprehensive review of our business and key client segments which focused on the buying preferences and needs of our clients, as well as a review of our industry’s current service delivery model,” said Brett White, Executive Chairman & CEO. “We created a new roadmap for the future that will allow us to be a nimbler and more agile partner to our clients, while also driving operational efficiency through significant Adjusted EBITDA and margin growth in 2020.”

Click here to read full release.

 

INVESTOR RELATIONS CONTACT:
Len Texter
Investor Relations
+1 312 338 7860 | IR@cushwake.com

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Brad Kreiger

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