Cushman & Wakefield first quarterly results as public company are mixed
Cushman & Wakefield PLC CWK, +0.06% shares fell as much as 1.8% in the extended session Wednesday after the global real estate company reported mixed second-quarter results in its first financial snapshot after last month’s initial public offering. Cushman & Wakefield said it lost $32 million, or 22 cents a share, in the quarter, compared with a loss of $47 million, or 33 cents a share, in the year-ago period. Adjusted for one-time items, the company said it earned 46 cents a share, compared with 29 cents a share a year ago. Revenue rose 16% to $2 billion from $1.7 billion. Analysts polled by FactSet had expected the company to report an International Financial Reporting Standards loss of 20 cents a share and adjusted earnings of 47 cents a share on sales of $1.4 billion. Cushman & Wakefield said the IPO and private placement resulted in net proceeds of $1 billion. "We’ve completed a successful IPO, our business performed very well at the top and bottom line through the first half of the year, and market conditions for commercial real estate remain robust," Chief Executive Brett White said in a statement. The stock ended the regular trading day up 0.1%. At the time of the IPO, Cushman & Wakefield said it would use the proceeds to pay down debt and for "general corporate purposes."
Have breaking news sent to your inbox. Subscribe to MarketWatch's free Bulletin emails. Sign up here.
Source: Read Full Article