CHICAGO - Cushman & Wakefield (NYSE: CWK) today reported financial results for the third quarter ended September 30, 2020:
- Revenue for the third quarter of 2020 of $1.9 billion was down 9% (9% local currencyi) from the third quarter of 2019. Fee revenue of $1.3 billion was down 14% (15% local currency) versus the prior year.
- Net loss and loss per share for the third quarter of 2020 were $37.3 million and $0.17, respectively. Adjusted earnings per share was $0.16.
- Adjusted EBITDA was $117.1 million, down 31% (31% local currency) from the third quarter of 2019.
- Maintained significant liquidity as of the end of September of $1.9 billion consisting of cash on hand of $916.8 million and availability under the Company's undrawn revolving credit facility of $1.0 billion.
- The Company is on track to realize annualized cost savings of $400 million for the full year as previously communicated.
“I am pleased with the performance of our team as we continue to deliver critical client service in these uncertain and challenging times. Our diversified portfolio, specifically our PM/FM service lines, together with our tight cost management, helped to mitigate the impact of the lower demand for transactional services across our industry in the third quarter. Going forward, we are well positioned to navigate any number of recovery scenarios given our strong financial position and continuing focus on cost management, innovation and operational excellence,” said Brett White, Executive Chairman & CEO.
Len Texter | Investor Relations
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