Q3 Earnings roundup from traditional brokerage firms: Cushman & Wakefield, JLL, CBRE, and Newmark
Revenues are decreasing, budget cuts are continuing, and M&A’s are being discussed… Newmark recently rejected a takeover offer from rival Cushman because Cushman’s $3.8 billion in debt load is larger than its market cap of roughly $2.6 billion.
- Newmark reported earnings of $152.1 million in the third quarter, down 25 percent from the same time last year. (TRD+SeekingAlpha)
- Cushman & Wakefield reported a net loss of $37.3 million in the third quarter. Revenue was down by 8.8 percent from a year ago. (TRD+SeekingAlpha)
- CBRE reported that total revenues and fee revenue fell about by 5% and 13% respectively, driven by the declines in the company’s advisory services segment… Net Income fell by nearly 10 percent. (SeekingAlpha+TRD)