CHICAGO - Cushman & Wakefield (NYSE: CWK) today reported financial results for the second quarter ended June 30, 2021:
- Revenue for the second quarter of 2021 of $2.2 billion was up 29% (up 25% local currencyi) from the second quarter of 2020. Fee revenue of $1.6 billion was up 39% (up 34% local currency) versus prior year.
- Fee revenue better than expected across all segments and service lines, brokerage fee revenue improved 89% on local currency led by the Americas
- Property, facilities and project management and Valuation and other fee revenue grew 7% and 16%, respectively, on local currency
- Net income and earnings per share for the second quarter of 2021 were $52.7 million and $0.23, respectively. Adjusted earnings per share was $0.50.
- Adjusted EBITDA was $219.9 million, up 85% (76% local currency) from the second quarter of 2020.
- Adjusted EBITDA margin of 13.5% expanded 335 basis points from the second quarter of 2020.
- Generated $30 million of gross savings for the second quarter from permanent cost reduction actions.
- Significant liquidity as of June 30, 2021 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.
- Planned executive transition announced -- John Forrester, currently Cushman & Wakefield’s Global President, will become CEO, effective January 1, 2022. Brett White to remain Executive Chairman, a role he’s held at Cushman & Wakefield since 2015.
- As Executive Chairman, Brett White will remain an employee of Cushman & Wakefield and will continue to lead strategy, M&A and succession planning, alongside Forrester.
“I began my work here as Executive Chairman, and, given the firm’s strong performance and bright future, now is the right time for me to return to that role,” said Brett White, Cushman & Wakefield Chief Executive Officer. “John is a deeply admired and respected leader both inside our firm and across our industry. His high level of integrity, exceptional work ethic, deep client knowledge and strong global relationships, make him the obvious choice as our next CEO.”
In his current role as Cushman & Wakefield’s Global President, Forrester has direct operational and management oversight of all of the firm’s service lines and regions (Americas, EMEA and APAC). He is a member of the Global Executive Committee and Global Management Board. Forrester joined Cushman & Wakefield predecessor DTZ in 1988, and served as Group Chief Executive, before DTZ’s eventual merger with Cushman & Wakefield in 2015.
“I’m honoured to continue leading this great organization, now as the Chief Executive. Our people and our brand carry incredible momentum as we continue to lead the industry through this global recovery,” said John Forrester, Global President, Cushman & Wakefield.
“In this time of significant innovation and transition in the commercial real estate industry, and the need for relentless focus on operational excellence, there is no question John is the ideal executive to assume the CEO position at Cushman & Wakefield,” said Timothy Dattels, Cushman & Wakefield Director and Co-Managing Partner of TPG Capital Asia.
Len Texter | Investor Relations
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