Cushman reports improving financials in first earnings since IPO

Company still operating at net loss, though executives said they’ve paid down debt

TRD NATIONAL /
Sep.September 06, 2018 08:30 AM

225 West Wacker Drive in Chicago and Brett White (Credit: 225 West Wacker)

Cushman & Wakefield reported improving financials in its first quarterly earnings report since going public last month.

Adjusted EBITDA was $168.9 million for the quarter, up 30 percent from the same time last year.

The brokerage reported a net loss of $32.2 million during the second quarter, which was an improvement from the net loss of $43.7 million the company recorded a year earlier, its financial statements show.

Cushman’s been operating at a net loss since TPG Capital acquired the company in 2015 and loaded it with debt as the private equity company made preparations to take it public.

But that loss has slowly been improving each year and company executives on an earnings call early Wednesday evening said they made strides toward steadying the balance sheet.

Revenues climbed 16 percent year-over-year to $1.97 billion, and costs grew 12 percent to $1.94 billion, leaving operating income of $32.5 million for the quarter.

The quarter’s net loss was largely attributable to Cushman’s interest expenses, which grew from $44 million in the second quarter of last year to $52 million during the same time this year.

Cushman’s stock was priced at $17.56 at the close of business on Thursday; its IPO debuted on Aug. 2 at $17 a share.


Related Articles

arrow_forward_ios
Judge Janet DiFiore and Judge Rowan Wilson (Credit: iStock, New York State Courts)

High court decision has tenants stewing, landlords oohing

Sharif El-Gamal (Photo by Desiree Navarro/WireImage)

WATCH: Developer Sharif El-Gamal has Covid-19. But he’s one of the lucky ones

Knotel CEO Amol Sarva 

Another huge round of layoffs for Knotel

Miki Naftali, Steven Witkoff and Ryan Freedman

TRD Talks: How developers are contending with coronavirus

Governor Andrew Cuomo (Photo by Spencer Platt/Getty Images; iStock)

Cuomo’s foreclosure, mortgage moratorium has no teeth

From left: Realogy's Ryan Schneider, Cushman & Wakefield's Brett White and Newmark Knight Frank's Barry Gosin (Credit: iStock)

Brokerage stocks plunge amid market turmoil

Mayor Bill de Blasio halted ULURP, stalling projects like 960 Franklin Avenue, Rikers Island and Industry City 

These projects could be held up by New York’s rezoning freeze

Eric Garcetti orders a moratorium on LA commercial evictions (Photo credit: iStock photo)

LA mayor orders a moratorium on commercial evictions

arrow_forward_ios
Loading...