CHICAGO - Cushman & Wakefield (NYSE: CWK) today reported financial results for the second quarter ended June 30, 2020:
- Revenue for the second quarter of 2020 of $1.7 billion was down 18% (16% local currencyi) from second quarter of 2019. Fee revenue of $1.2 billion was down 26% (24% local currency) versus the prior year.
- Net loss and loss per share for the second quarter of 2020 was $100.8 million and $0.46, respectively. Adjusted earnings per share was $0.19.
- Adjusted EBITDA was $118.8 million, down 32% (31% local currency) from second quarter of 2019.
- The Company generated more than $75 million of cost savings in the second quarter and the Company is on track to realize annualized cost savings of $400 million for the full year as previously communicated.
- Maintained significant liquidity as of the end of June of $1.9 billion consisting of cash on hand of $875.5 million and availability under the Company's undrawn revolving credit facility of $1.0 billion.
- The Company issued in May $650.0 million of senior secured notes due 2028.
“Our solid second quarter performance reflects the commitment of our team to continue to serve clients while driving operating efficiency and tightly managing costs. As a result, we have been able to navigate this challenging operating environment reasonably well. As expected, our diversified portfolio helped to temper the lower demand experienced in our brokerage businesses, while our PM/FM service line continues to meet the critical operational needs of our clients. Going forward, our discipline in cost management and operating efficiency, along with our strong financial position, have prepared us for a variety of economic scenarios and will allow us to take advantage of growth opportunities that might arise,” said Brett White, Executive Chairman & CEO.
Len Texter | Investor Relations
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