Cushman & Wakefield plc reported its financial results for the third quarter and the nine months ended September 30, 2024, highlighting a mixed performance in revenue and profitability compared to the previous fiscal period.
For Q3 2024, the company achieved revenue of $2,344.2 million, reflecting a 3% increase from $2,286.0 million in Q3 2023. This growth was primarily driven by a 13% rise in leasing revenue, particularly in the Americas and Asia Pacific (APAC) regions. However, total revenue for the nine months ended September 30, 2024, decreased by 2% to $6,817.0 million from $6,941.3 million in the same period last year. The decline was attributed to reduced service revenue and gross contract reimbursables, particularly in the Americas and Europe, Middle East, and Africa (EMEA) regions.
Operating income for Q3 2024 increased significantly to $75.2 million, up from $57.6 million in Q3 2023, while net income turned positive at $33.7 million compared to a net loss of $33.9 million in the prior year. For the nine-month period, net income was $18.4 million, a substantial recovery from a net loss of $105.2 million in the same period of 2023. Basic earnings per share for Q3 2024 were $0.15, compared to a loss of $0.15 in Q3 2023.
Adjusted EBITDA for Q3 2024 was $142.5 million, down 5% from $150.0 million in Q3 2023, while for the nine months, it increased slightly to $359.5 million from $357.0 million in the previous year. Cost savings initiatives contributed $11.5 million to Adjusted EBITDA in Q3 2024, although this was lower than the $14.2 million reported in Q3 2023.
The company’s liquidity position remained strong, with $1.9 billion available as of September 30, 2024, including $775.4 million in cash and cash equivalents. Total liabilities decreased to $5,831.0 million from $6,096.0 million at the end of 2023, while total equity attributable to the company rose to $1,702.4 million.
Strategically, Cushman & Wakefield completed the sale of a non-core services business in August 2024, generating $121.4 million in proceeds. The company also reported a gain of $17.3 million from a breach of warranty claim settlement related to a previous acquisition.
Overall, while the company faced challenges in certain service lines, it demonstrated resilience through improved profitability and strategic divestitures, positioning itself for future growth.
About Cushman & Wakefield plc
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