Real estate services firm Cushman & Wakefield (NYSE:CWK) will be announcing earnings results this Thursday before the bell. Here’s what to look for.
Cushman & Wakefield beat analysts’ revenue expectations last quarter, reporting revenues of $2.91 billion, up 10.8% year on year. It was a mixed quarter for the company, with an impressive beat of analysts’ revenue estimates but a miss of analysts’ adjusted operating income 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% year on year, improving from the 4.6% increase it recorded in the same quarter last year.
The majority of analysts covering the company have reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to 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 Q1 results, giving us a hint as to what we can expect. CBRE delivered year-on-year revenue growth of 18.2%, beating analysts’ expectations by 2.5%, and Newmark reported revenues up 27.2%, topping estimates by 13.2%. CBRE traded down 3.4% following the results while Newmark was up 1.7%.
Read our full analysis of CBRE’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 6% on average over the last month. Cushman & Wakefield is up 15.3% during the same time and is heading into earnings with an average analyst price target of $17.70 (compared to the current share price of $14.55).
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