Share:

Cushman & Wakefield Reports Financial Results for Second Quarter 2020

8/6/2020

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.

Click here to read the full press release. 

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

Media Contact

Brad Kreiger (image)
Brad Kreiger

Chief Marketing & Communications Officer • Chicago

 

 

RELATED INSIGHTS

APAC Fit-out ost Guide
Article • Insights

Get The Most From Your Asia Pacific Office Fit-out

In our Asia Pacific Office Fit-out Cost Guide 2019-2020, corporate occupiers can get the latest data on fit-out costs across 28 key gateway cities in the region. Whether it’s a low, medium or high-quality specification fit-out requirement, the guide serves to assist occupiers in defining their capital planning and relocation budgets. Here’s a sneak peek at some of the headlines.

9/25/2020
sublease activity (image)
Research • Workplace

Measuring Sublease Activity Throughout the Pandemic - Vol. 2

It should come as no surprise that sublease vacancy increased generally across the office market and minimally throughout the industrial market in the first half of 2020. For market-by-market details, explore our interactive map.
Robert Sammons • 9/24/2020
Port Container
Insights • Industrial

LOS ANGELES - LA Basin Industrial Market

The Los Angeles Basin industrial sector has remained buoyant for the most part through the pandemic, driven largely by strong occupancy growth in the Inland Empire together with other select markets in the region—although not all markets are seeing growth as some are facing more difficulty than others.
John Minervini • 9/22/2020

CAN'T FIND WHAT YOU'RE LOOKING FOR?

Get in touch with one of our professionals.