NEW YORK - Cushman & Wakefield plc (NYSE: NYSE:CWK) reported better-than-expected third quarter results on Monday, driven by strong global leasing revenue growth.
The commercial real estate services firm posted adjusted earnings per share of $0.23, topping the analyst consensus estimate of $0.21. Revenue came in at $2.34 billion, significantly above expectations of $1.61 billion.
Global leasing revenue surged 13% year-over-year, with particular strength in the Americas and Asia Pacific regions. In the Americas, leasing revenue jumped 16%, fueled by robust office and industrial activity.
"This quarter marked an important turning point. We reported the highest quarter of global Leasing revenue growth and the first quarter of Americas Capital markets revenue growth since the second quarter of 2022," said CEO Michelle MacKay.
The company generated strong free cash flow of $61.1 million year-to-date, enabling it to fully repay its term loan due in 2025 ahead of schedule.
While capital markets revenue declined 4% overall due to continued interest rate volatility, the Americas segment saw 2% growth in this area.
Cushman & Wakefield's adjusted EBITDA came in at $142.5 million for the quarter, down 5% year-over-year. The adjusted EBITDA margin was 8.7%, declining 72 basis points from Q3 2023.
Looking ahead, MacKay said the strategic work completed over the past year "has created meaningful growth opportunities for our business and we are energized to deliver on these priorities in the years ahead."
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