What occurred
Sturdy actual property firm Cushman & Wakefield (CWK -10.74%) wasn’t a really sturdy funding on Friday. The firm’s inventory took a nasty hit, falling by practically 11% a day after it revealed its newest set of quarterly outcomes. That decline did not mirror the widely good efficiency of many different shares on the week’s final day; the bellwether S&P 500 index gained practically 2% as Cushman & Wakefield’s shares dived.
So what
Cushman & Wakefield’s first-quarter figures have been unveiled after market hours Thursday. These revealed that the corporate earned just below $2.25 billion in income; this was down 4% from its Q1 2022 take. More discouragingly, the true property mainstay plunged into the pink on the underside line; its non-GAAP (adjusted) internet loss was $9.4 million, or $0.04 per share, towards the year-ago revenue of $109 million.
Those headline numbers have been fairly a ways away from the typical analyst estimates.
Collectively, pundits following Cushman & Wakefield inventory have been modeling solely $1.49 billion in income. Far much less fortunately, they believed the corporate would put up an adjusted internet consequence nicely within the black at $0.22 per share.
Now what
Citing macroeconomic headwinds as a significant affect on its quarterly efficiency, Cushman & Wakefield mentioned the state of affairs may have been worse. It quoted CEO John Forrester as saying that “our global diversified portfolio, especially in our recurring revenue service lines, helped mitigate the impact of lower demand for transactional services in our industry.”
The firm didn’t present any steering in its earnings report.
Eric Volkman has no place in any of the shares talked about. The Motley Fool has no place in any of the shares talked about. The Motley Fool has a disclosure coverage.
