Cushman & Wakefield Reports Strong Revenue Growth for Fourth Quarter and Full Year 2019

CHICAGO--(BUSINESS WIRE)-- Cushman & Wakefield (NYSE: CWK) today reported financial results for the full year and fourth quarter ended December 31, 2019 and provided 2020 guidance:

• Revenue for the full year 2019 was $8.8 billion, up 6% (8% local currencyⁱ). Fee revenue was $6.4 billion, up 8% (9% local currency).
• Full year Net income was $0.2 million, an improvement of $186.0 million over 2018 with earnings per share of $0.00 and Adjusted earnings per share of $1.64.
• Full year Adjusted EBITDA was $724.4 million, up 10% (11% local currency). Adjusted EBITDA margin of 11.3% was up 25 bps.
• Revenue for the fourth quarter of 2019 was $2.6 billion, up 9% (9% local currency). Fee revenue was $1.9 billion, up 9% (9 % local currency).
• Net income for the fourth quarter of 2019 was $3.1 million, an improvement of $21.1 million over fourth quarter of 2018 with earnings per share of $0.01. Adjusted earnings per share was $0.78.
• Adjusted EBITDA for the fourth quarter of 2019 was $293.0 million, up 24% (25% local currency). Adjusted EBITDA margin of 15.4% was up 195 bps.
• 2020 Adjusted EBITDA expected to be in the range of $810 million to $860 millionⁱⁱ, anticipating margin improvement of over 75 bps (at the midpoint of the range) driven by a combination of organic growth and operating efficiency initiatives.

“2019 was a great year for Cushman & Wakefield on many levels. In addition to delivering strong revenue, Adjusted EBITDA and margin growth, we completed a comprehensive review of our business and key client segments which focused on the buying preferences and needs of our clients, as well as a review of our industry’s current service delivery model,” said Brett White, Executive Chairman & CEO. “We created a new roadmap for the future that will allow us to be a nimbler and more agile partner to our clients, while also driving operational efficiency through significant Adjusted EBITDA and margin growth in 2020.”

Click here to read full release.