Cushman & Wakefield plc Ordinary Shares - CWK STOCK NEWS

Cushman & Wakefield (NYSE: CWK) reported Q2 2024 financial results. Revenue for the quarter was $2.3 billion, a 5% decline from Q2 2023. Leasing revenue grew 2%, driven by the Americas and APAC, while Services, Capital Markets, and Valuation saw declines of 3%, 15%, and 4% respectively.

Net income was $13.5 million, an increase of $8.4 million compared to Q2 2023. Adjusted EBITDA was $138.9 million, a 5% decrease, and diluted EPS was $0.06. The company also improved net cash flow from operations and free cash flow by over $130 million year-to-date compared to 2023.

Significant events included repricing $1 billion in term loans, reducing the interest rate, and electing to prepay $45 million in term loans due in 2025. A non-core business sale was announced to accelerate strategic growth investments. Liquidity was $1.7 billion as of June 30, 2024.

For the first half of 2024, revenue was $4.5 billion, a 4% decline from 2023, while net loss improved by 79% to $15.3 million.

Cushman & Wakefield (NYSE: CWK) is set to release its second quarter 2024 financial results after the market close at 4:05 p.m. ET on Monday, July 29, 2024.

Management will discuss the results in a conference call at 5:00 p.m. ET the same day.

Domestic participants can dial in at 1-844-825-9789 and international participants at 1-412-317-5180 using passcode 3202691.

The call and a subsequent audio replay will be available through Cushman & Wakefield’s investor relations website.

Catalyze, a developer and Independent Power Producer (IPP) of distributed renewable energy, has announced a strategic partnership with Cushman & Wakefield, a global real estate services firm. This collaboration aims to expand the deployment of solar and storage technologies across commercial and industrial (C&I) real estate in the U.S., enhancing operating income, reducing utility costs, meeting ESG goals, and reducing power grid stress.

A team from Cushman & Wakefield will work with Catalyze to identify real estate assets suitable for renewable energy installations. The initiative aligns with Cushman & Wakefield’s commitment to reducing greenhouse gas emissions in the properties it manages, helping clients reach net-zero ambitions and improving real estate asset value. Previously, Catalyze reported the successful operation of a solar and storage project at 66 Galen, a life science building in Watertown, Massachusetts.

Cushman & Wakefield released their mid-year Macro Outlook report for commercial real estate, highlighting the impact of persistent inflation and Federal Reserve policies in 2024. The report identifies mixed conditions across various sectors. Office spaces continue to rationalize, with net absorption expected to be negative. Capital markets are expected to see moderate NOI growth and cautious investor behavior. The industrial sector faces new supply challenges, with vacancy expected to peak in early 2025. Retail demand remains strong, driven by a robust pipeline of store openings and diversified tenant mixes. Despite challenges, some asset classes show resilience and potential for growth beyond 2025.

Cushman & Wakefield (NYSE: CWK) has successfully repriced its $1 billion Term Loan issued in January 2023. The repricing reduces the interest rate by 25 basis points to Term SOFR plus 3.00%, maintaining the maturity date of 2030. Additionally, the company prepaid $45 million of its Term Loan due in 2025, bringing the total debt repayment for the year to $100 million. These actions are expected to save approximately $14 million annually in cash interest expenses. CFO Neil Johnston emphasized the company's commitment to financial flexibility and long-term growth.

Cushman & Wakefield's latest report on U.S. port-proximate industrial real estate markets highlights a cooling demand, increased vacancy rates, and tempered rent growth across 13 key markets. Contributing factors include a return to pre-pandemic import levels and changing inventory strategies. Despite West Coast ports being expected to outperform due to various crises, this shift has not been consistent.

The top 10 maritime ports showed healthy container volumes in Q1 2024, with Los Angeles, Long Beach, and Houston seeing significant year-over-year gains in TEUs. Some markets experienced steep rent declines, like Charleston (-30%) and Inland Empire (-16.6%), while others saw rent increases, like Orange County (5.6%) and Hampton Roads (8.5%).

Overall, while some areas struggle with high vacancy rates and declining rents, others continue to see growth, influenced by tight market conditions and construction activity.

Cushman & Wakefield has appointed Joseph Caridi as the new Managing Principal for South Florida, effective late June. Caridi will oversee markets in Miami, Fort Lauderdale, Boca Raton, and West Palm Beach, managing over 450 professionals. Previously leading in Long Island and Connecticut/Westchester, Caridi brings more than 25 years of real estate experience to the role.

Caridi will collaborate with Wanda Riley, the current Managing Principal for Florida, to drive client service and business growth in South Florida. The firm emphasizes Caridi's extensive background and successful talent recruitment as key assets for the region's continued expansion. Cushman & Wakefield aims to enhance its strong market position and deliver exceptional value through its Better Never Settles campaign.

Cushman & Wakefield (NYSE: CWK), a global real estate services firm, has been recognized by Forbes as one of America’s Best Employers for New Grads 2024.

This ranking is based on a survey of over 100,000 young professionals from various sectors, evaluating aspects such as compensation, benefits, career advancement, work environment, flexibility, company image, and inclusion.

The recognition also follows Cushman & Wakefield's earlier acknowledgment as one of America’s Best Large Employers 2024 by Forbes. Chief People Officer Holly Tyson highlighted the company’s commitment to inclusivity, entrepreneurship, and continuous improvement.

The full list is available on the Forbes website.

Cushman & Wakefield (NYSE: CWK) has appointed David Bukovac as Global Head of Integrated Facilities Management (IFM) in their Global Occupier Services (GOS) Leadership team.

With over 24 years of experience in the real estate and facilities management industry, Bukovac will focus on enhancing the firm's IFM platform by providing seamless services and innovative solutions to clients.

Prior to this role, Bukovac was the Global Operations Director at JLL. He holds FMP and CFM certifications through IFMA and is a licensed real estate broker in Illinois.