Cushman & Wakefield posts Q1 net loss of $76.4M; revenue down 4%, leasing and capital markets decline sharply

Cushman & Wakefield Ltd.

2023-Q1 EPS reported -$0.34 revenue$2,249,300,000

Net loss $76.4M ($0.34 diluted EPS); adjusted EPS loss $0.04 vs $0.48 prior year.
Total revenue $2.2B down 4%; service line fee revenue $1.5B down 12% YoY.
Leasing -20%, capital markets -51% YoY; property/facilities/project management +7%.
Adjusted EBITDA $60.9M down 72%; realized $21M cost savings in Q1, targeting $90M annualized.
Liquidity $1.6B: $1.1B undrawn revolver and $0.5B cash as of March 31, 2023.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Cushman & Wakefield Ltd. reported the first quarter of 2023 results: revenue $2.2 billion, net income $76.4 million, EPS $0.34. Guidance reaffirmed.

Period: the first quarter of 2023
Revenue: $2.2 billion
Net income: $76.4 million
EPS: $0.34
Guidance: reaffirmed
Result: reported results

Exact text from the filing

Revenue of $2.2 billion and service line fee revenue of $1.5 billion for the first quarter of 2023 decreased 4% and 12%, respectively, from the first quarter of 2022.

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Source: SEC EDGAR

accession 0001628369-23-000008

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