Real estate services firm Cushman & Wakefield (NYSE:CWK) will be announcing earnings results tomorrow after the bell. Here's what investors should know.
Last quarter Cushman & Wakefield reported revenues of $2.29 billion, down 9.1% year on year, missing analyst expectations by 1.8%. It was a weak quarter for the company, with a miss of analysts' earnings estimates.
Is Cushman & Wakefield buy or sell heading into the earnings? Read our full analysis here, it's free.
This quarter analysts are expecting Cushman & Wakefield's revenue to decline 8.1% year on year to $2.43 billion, a further deceleration on the 8.2% year-over-year decrease in revenue the company had recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.40 per share.
The analysts covering the company have been growing increasingly bearish about the business heading into the earnings, with revenue estimates seeing two downward revisions over the last thirty days. The company only missed Wall St's revenue estimates once over the last two years, and has on average exceeded top line expectations by 6.1%.
Looking at Cushman & Wakefield's peers in the consumer discretionary segment, some of them have already reported Q4 earnings results, giving us a hint of what we can expect. Anywhere Real Estate's revenues decreased 5.5% year on year, missing analyst estimates by 2.1% and Opendoor reported revenue decline of 69.5% year on year, exceeding estimates by 5.1%. Anywhere Real Estate traded down 1% on the results, and Opendoor was down 3%.
Read our full analysis of Anywhere Real Estate's results here and Opendoor's results here.
Investors in the consumer discretionary segment have had steady hands going into the earnings, with the stocks down on average 0.1% over the last month. Cushman & Wakefield is up 12.6% during the same time, and is heading into the earnings with analyst price target of $11.9, compared to share price of $11.5.
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