NYSE$CWK

Cushman & Wakefield PLC · Q4 2019 earnings

Q4 2019 earnings · · Investor relations

Briefing

Cushman & Wakefield reported strong revenue growth for the fourth quarter and full year 2019.

Cushman & Wakefield reported a revenue of $2.6 billion for the fourth quarter of 2019, up 9% compared to the same period last year. Net income for the quarter was $3.1 million, and adjusted EBITDA was $293.0 million, up 24% from the fourth quarter of 2018.

  • Revenue for the fourth quarter of 2019 was $2.6 billion, up 9%.
  • 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 EBITDA for the fourth quarter of 2019 was $293.0 million, up 24%.
  • Adjusted EBITDA margin of 15.4% was up 195 bps.

Headline financials

Total Revenue

$1.9B

Previous: $1.75B+8.6%
EPS (adj)

$0.78

Previous: $0.59+32.2%
Adjusted EBITDA

$293M

No prior period
Adjusted EBITDA Margin

15.4%

No prior period
Capital Expenditures

$32.9M

Previous: $22.7M+44.9%
Free Cash Flow

$337M

Previous: $15.2M+2117.1%
Net Income

$3.1M

Previous: -$18M+117.2%
Operating Income

$123M

Previous: $43.2M+185.0%
Gross Profit

$570M

Previous: $487M+17.1%
Cash & Equivalents

$813M

Previous: $895M-9.2%
Total Assets

$7.16B

Previous: $6.55B+9.4%
Stock-Based Comp

$15.1M

Previous: $32.2M-53.1%

Revenue & EPS history

Cushman & Wakefield · Revenue · Quarterly

$1.9B

Q4 2019+8.6%vs Q4 2018
Beat estimate in 4 of 10 quarters(40%)
ActualEstimate

Revenue by segment

Cushman & Wakefield · $1.12B total across 3 segments · Q4 2019

  • Leasing
    $606M
  • Capital Markets
    $365M
  • Valuation & Other
    $153M

Forward guidance

The Company expects full year 2020 Adjusted EBITDA to be in the range of $810.0 million to $860.0 million, reflecting strong market fundamentals.

Historical earnings impact

How earnings announcements have historically affected this stock's price.

Avg. return before/after earnings

Based on 20 quarterly earnings reports · overlaid with Q4 2019

Historical avgQ4 2019

-0.2%

Avg return

Earnings day

-0.2%

Avg return

5 days after

-2.3%

Avg return

30 days after

42%

15 / 36 earnings

Positive

+16.4%

Q3 2024

Best reaction

-13.9%

Q1 2023

Worst reaction

Earnings price reactions
QuarterReport dateReaction (Day 0)+5 days+30 days
Q1 2026-4.4%-7.7%-7.6%
Q4 2025-3.2%+0.1%-12.7%
Q3 2025-2.1%-5.4%+1.3%
Q1 2025+4.4%+11.9%+12.4%
Q4 2024-6.0%-8.9%-19.8%
Q3 2024+16.4%+14.5%+16.0%
Q2 2024-5.2%-8.4%-4.3%
Q1 2024-0.7%+3.1%+10.8%
Q4 2023-13.1%-14.7%-11.2%
Q3 2023+10.3%+23.7%+24.6%
Q2 2023+6.1%+6.9%-4.6%
Q1 2023-13.9%-17.3%-7.9%
Q4 2022-2.4%-2.7%-26.4%
Q3 2022-2.4%-3.0%+10.3%
Q2 2022-4.2%-5.2%-12.5%
Q1 2022-2.8%-6.0%-5.7%
Q4 2021+4.5%-3.6%-9.0%
Q3 2021+6.5%+2.7%+0.4%
Q2 2021-0.9%-1.5%-3.9%
Q1 2021+6.7%+2.3%+3.3%
Q4 2020-9.7%-13.2%-3.4%
Q3 2020-3.8%+10.5%+26.0%
Q2 2020+1.8%+8.3%+8.1%
Q1 2020+3.3%-9.8%+23.6%
Q4 2019+5.6%+8.3%-30.9%
Q3 2019-4.5%-2.3%-0.9%
Q2 2019-6.1%-11.6%-15.1%
Q1 2018-6.1%-7.1%-7.2%
Q1 2019-6.2%-7.4%-11.8%
Q2 2018-1.4%-0.4%-5.7%
Q4 2018-0.4%+3.0%-3.3%
Q3 2017+8.5%+8.4%-1.4%
Q3 2018+13.2%+11.0%+4.1%
Q1 2017+2.2%+5.9%-5.8%
Q2 2017+2.2%+5.9%-5.8%
Q4 2017+2.2%+4.3%-5.7%

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