CHICAGO - Cushman & Wakefield (NYSE: CWK) today reported financial results for the fourth quarter and full year ended December 31, 2020:
- Revenue for the fourth quarter of 2020 was $2.3 billion, down 13% (14% local currencyi). Fee revenue was $1.6 billion, down 13% (15% local currency).
- Fee revenue was better than expected for the quarter driven by brokerage, especially Americas Capital markets
- Property, facilities and project management fee revenue was stable
- Net loss and Loss per share for the fourth quarter of 2020 were $27.3 million and $0.12, respectively. Adjusted earnings per share was $0.43.
- Adjusted EBITDA for the fourth quarter of 2020 was $198.1 million, down 32% (34% local currency).
- Revenue for the full year 2020 was $7.8 billion, down 10% (10% local currency). Fee revenue was $5.5 billion, down 15% (14% local currency).
- Full year Net loss and Loss per share were $220.5 million and $1.00, respectively. Adjusted earnings per share was $0.81.
- Full year Adjusted EBITDA was $504.3 million, down 30% (31% local currency).
- Full Year decremental margin of 24% was consistent with our projection
- Generated over $300 million of cost savings for the full year with $125 million of permanent cost reduction actions in year, and continued tight management of discretionary expenses including lower annual incentive compensation for non-fee earners.
- Significant liquidity as of the end of December of $2.1 billion consisting of cash on hand of $1.1 billion and availability under the Company's undrawn revolving credit facility of $1.0 billion.
“I am incredibly proud of our teams around the world who have proven their resilience and dedication to providing critical client services through the pandemic, while elevating Cushman & Wakefield’s brand and leadership position. Further, our portfolio diversification and disciplined cost management have helped mitigate a challenging demand environment across our industry for transactional services. We believe our strong balance sheet and continued focus on operational excellence positions us to deliver sustainable, long-term shareholder value,” said Brett White, Executive Chairman & CEO.
Len Texter | Investor Relations
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