Stock Story -
Real estate services firm Cushman & Wakefield (NYSE:CWK) will be reporting results tomorrow after the bell. Here’s what to expect.
Cushman & Wakefield missed analysts’ revenue expectations by 2.9% last quarter, reporting revenues of $2.29 billion, down 4.9% year on year. It was a slower quarter for the company, with a miss of analysts’ sales and operating margin estimates.
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This quarter, analysts are expecting Cushman & Wakefield’s revenue to grow 4.4% year on year to $2.39 billion, a reversal from the 9.1% decrease it recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.21 per share.
Analysts covering the company have generally 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 twice over the last two years.
Looking at Cushman & Wakefield’s peers in the real estate services segment, some have already reported their Q3 results, giving us a hint as to what we can expect. Compass delivered year-on-year revenue growth of 11.7%, meeting analysts’ expectations, and CBRE reported revenues up 14.8%, topping estimates by 2.7%. Compass traded up 14.3% following the results while CBRE was also up 7.7%.
Read the full analysis of Compass’s and CBRE’s results on StockStory.
Investors in the real estate services segment have had steady hands going into earnings, with share prices up 1.9% on average over the last month. Cushman & Wakefield is up 4.7% during the same time and is heading into earnings with an average analyst price target of $14.50 (compared to the current share price of $13.03).