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NEW YORK -On Thursday, Cushman & Wakefield plc (NYSE:CWK) reported fourth quarter earnings and revenue that beat analyst expectations, sending shares up 0.61% in pre-market trading.
The commercial real estate services firm posted adjusted earnings per share of $0.48, topping the consensus estimate of $0.47. Revenue came in at $2.6 billion, well above analyst projections of $1.9 billion.
Cushman & Wakefield saw strong growth in its Capital markets segment, with revenue increasing 35% YoY to $247.5 million. The company attributed this to "strong results in all segments" as rate stability and clarity on interest rates in Q4 contributed to increased investment sales activity.
Leasing revenue also grew 6% YoY to $622.7 million, driven primarily by office leasing in the Americas. However, Services revenue declined 3% to $879.6 million.
"We closed out 2024 with strong momentum in our business, reporting another quarter of solid Leasing revenue, our strongest Capital markets growth since the first quarter of 2022 and robust year-over-year improvement in free cash flow," said CEO Michelle MacKay.
For the full year 2024, Cushman & Wakefield reported net income of $131.3 million, up from a net loss of $35.4 million in 2023. Adjusted EBITDA increased 2% to $581.9 million.
The company ended the year with $1.9 billion in liquidity. Looking ahead, MacKay said Cushman & Wakefield begins 2025 "with renewed optimism, as investor and occupier sentiment continues to improve."
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