Commercial real estate services provider Cushman & Wakefield's Q2 profit beats estimates
Overview
Cushman & Wakefield Q2 revenue grows 9% yr/yr to $2.5 bln
Adjusted EPS beats analyst expectations, reflecting strategic initiatives
Co announces $150 mln term loan debt repayment, fortifying balance sheet
Outlook
Cushman & Wakefield raises full-year earnings per share outlook
Result Drivers
CAPITAL MARKETS - Revenue increased 27%, driven by strong performance across asset classes in the Americas
LEASING REVENUE - Increased 8%, supported by strength in office and industrial sectors in the Americas and EMEA
SERVICES REVENUE - Organic growth of 6%, excluding impact of non-core business sale
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q2 Revenue |
| $2.48 bln |
|
Q2 Adjusted EPS | Beat | $0.3 | $0.22 (9 Analysts) |
Q2 EPS |
| $0.25 |
|
Q2 Adjusted Net Income | Beat | $69.50 mln | $45.70 mln (7 Analysts) |
Q2 Net Income |
| $57.30 mln |
|
Q2 Adjusted EBITDA | Beat | $161.70 mln | $141.90 mln (7 Analysts) |
Q2 Operating income | Beat | $122.80 mln | $107.90 mln (5 Analysts) |
Q2 Adjusted EBITDA Margin |
| 9.5% |
|
Analyst Coverage
The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 4 "strong buy" or "buy", 5 "hold" and 1 "sell" or "strong sell"
The average consensus recommendation for the real estate services peer group is "buy."
Wall Street's median 12-month price target for Cushman & Wakefield PLC is $12.00, about 2.7% below its August 4 closing price of $12.32
The stock recently traded at 10 times the next 12-month earnings vs. a P/E of 8 three months ago
Press Release: ID:nBwWnQc4a
