Cushman & Wakefield (NYSE: CWK) has reported its financial results for the fourth quarter and full year of 2024, demonstrating strong performance across various metrics.
In the fourth quarter of 2024, the company reported a revenue of $2.6 billion, marking a 3% increase from the same period in 2023. This growth was primarily driven by a 6% increase in leasing revenue, particularly in the office leasing segment in the Americas, and a remarkable 35% increase in capital markets revenue, attributed to robust results across all segments. However, services and valuation and other revenue experienced declines of 3% and 1%, respectively.
Net income for the fourth quarter of 2024 stood at $112.9 million, marking a significant increase of $43.1 million compared to the fourth quarter of 2023. Adjusted EBITDA also saw a 4% increase from the same period in 2023, reaching $222.3 million.
For the full year ended December 31, 2024, Cushman & Wakefield reported a revenue of $9.4 billion, a decrease of $47.2 million compared to 2023. However, the company demonstrated positive growth in key areas, with leasing revenue increasing by 7% and capital markets revenue increasing by 4%. Net income for the full year amounted to $131.3 million, a substantial improvement from the net loss of $35.4 million reported in 2023.
The company also highlighted improvements in its cash flow, with net cash provided by operating activities reaching $208.0 million for the year ended December 31, 2024, and free cash flow generated amounting to $167.0 million, marking an increase of $65.8 million compared to 2023.
Furthermore, Cushman & Wakefield reported liquidity of $1.9 billion as of December 31, 2024, which includes availability on the company’s undrawn revolving credit facility of $1.1 billion and cash and cash equivalents of $0.8 billion.
Overall, the company's financial results showcase strong growth in key revenue-generating segments, improved net income, and enhanced cash flow performance, positioning Cushman & Wakefield for continued success in the commercial real estate sector.
These results align with the company's optimistic outlook for the future, as it anticipates thriving in a multi-year commercial real estate growth cycle.
Following these announcements, the company's shares moved -3.1%, and are now trading at a price of $12.61. Check out the company's full 8-K submission here.
