CHICAGO - Cushman & Wakefield (NYSE: CWK) today reported financial results for the first half and second quarter of 2022:
First Half Results:
- Revenue of $4.9 billion and service line fee revenue of $3.6 billion for the first half of 2022 increased 18% and 22%, respectively, from the first half of 2021.
- Growth momentum continued across all segments and service lines, led by the Americas.
- Net income and earnings per share for the first half of 2022 were $142.7 million and $0.62, respectively.
- Adjusted earnings per share of $1.10 was significantly ahead of the first half of 2021 of $0.61.
- Adjusted EBITDA of $477.1 million increased 49% with Adjusted EBITDA margin of 13.2% expanding 240 basis points from the first half of 2021.
- Liquidity as of June 30, 2022 was $1.6 billion, consisting of availability on the Company's undrawn revolving credit facility of $1.1 billion and cash and cash equivalents of $0.5 billion.
Second Quarter Results:
- Revenue of $2.6 billion and service line fee revenue of $1.9 billion for the second quarter of 2022 increased 16% and 18%, respectively, from the second quarter of 2021.
- Leasing and Capital markets grew 22% and 30%, respectively.
- Property, facilities and project management grew 13%.
- Net income and earnings per share for the second quarter of 2022 were $97.2 million and $0.43, respectively.
- Adjusted earnings per share of $0.63 was up 26% versus the second quarter of 2021.
- Adjusted EBITDA of $262.8 million increased 20% with Adjusted EBITDA margin of 13.7% expanding 22 basis points from the second quarter of 2021.
"We continued to experience tremendous momentum in our business through the first half of the year as we progress on our multi-year strategy of investing in long-term, fast growing sectors in our industry. Our record first half results are a testament to this strategy and reflect the strength of our ongoing transformation into a diversified global business as well as the hard work and commitment of our teams around the world. We are in an excellent position with a strong balance sheet and significant liquidity to continue to execute our growth strategy and further enhance the value we deliver to both our clients and shareholders,” said John Forrester, Cushman & Wakefield Chief Executive Officer.
Len Texter | Investor Relations
+1 312 338 7860