Real estate services firm Cushman & Wakefield (NYSE: CWK) will be announcing earnings results this Wednesday before market hours. Here’s what you need to know.
Cushman & Wakefield beat analysts’ revenue expectations last quarter, reporting revenues of $2.76 billion, up 11.2% year on year. It was a strong quarter for the company, with a decent beat of analysts’ EBITDA estimates and EPS in line with analysts’ estimates.
Is Cushman & Wakefield a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.
This quarter, the market is expecting Cushman & Wakefield’s revenue to grow 6.5% year on year, slowing from the 11.2% increase it recorded in the same quarter last year.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business will stay the course heading into earnings. Cushman & Wakefield has missed Wall Street’s revenue estimates multiple times over the last two years.
Looking at Cushman & Wakefield’s peers in the consumer discretionary - real estate services segment, some have already reported their Q3 results, giving us a hint as to what we can expect. JLL delivered year-on-year revenue growth of 11.8%, beating analysts’ expectations by 1.5%, and Newmark reported revenues up 12.7%, topping estimates by 2.2%. JLL traded up 17.9% following the results while Newmark was down 4.5%.
Read our full analysis of JLL’s results here and Newmark’s results here.
There has been positive sentiment among investors in the consumer discretionary - real estate services segment, with share prices up 5.7% on average over the last month. Cushman & Wakefield is up 20.7% during the same time and is heading into earnings with an average analyst price target of $16.36 (compared to the current share price of $14.31).
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