Q4 Earnings Highs And Lows: Cushman & Wakefield (NYSE:CWK) Vs The Rest Of The Real Estate Services Stocks
Wrapping up Q4 earnings, we look at the numbers and key takeaways for the real estate services stocks, including Cushman & Wakefield (NYSE:CWK) and its peers.
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The 12 real estate services stocks we track reported a weaker Q4; on average, revenues beat analyst consensus estimates by 1.9%. while next quarter's revenue guidance was 20.9% below consensus. Stocks--especially those trading at higher multiples--had a strong end of 2023, but 2024 has seen periods of volatility. Mixed signals about inflation have led to uncertainty around rate cuts, and while some of the real estate services stocks have fared somewhat better than others, they collectively declined, with share prices falling 5% on average since the previous earnings results.
Cushman & Wakefield (NYSE:CWK)
With expertise in the commercial real estate sector, Cushman & Wakefield (NYSE:CWK) is a global Chicago-based real estate firm offering a comprehensive range of services to clients.
Cushman & Wakefield reported revenues of $2.55 billion, down 3.6% year on year, topping analyst expectations by 4.9%. It was a mixed quarter for the company, with revenue and EPS exceeding expectations. That was driven by strong outperformance in its Leasing segment, which posted revenue of $587 million (5% year-on-year growth) versus Wall Street consensus estimates of $509 million. On the other hand, its operating margin missed and its Capital Markets segment continued its slump (Capital Markets revenue shrunk 31% year on year this quarter).
“Our Cushman & Wakefield team accomplished a great deal in 2023,” said Michelle MacKay, Cushman & Wakefield Chief Executive Officer.
The stock is down 11.4% since the results and currently trades at $9.87.
Read our full report on Cushman & Wakefield here, it's free.
Best Q4: JLL (NYSE:JLL)
Founded in 1999 through the merger of Jones Lang Wootton and LaSalle Partners, JLL (NYSE:JLL) is a company specializing in real estate advisory and investment management services.
JLL reported revenues of $5.88 billion, up 4.9% year on year, outperforming analyst expectations by 1.5%. It was a decent quarter for the company, with revenue and EPS outperforming expectations thanks to better-than-expected results in its Capital Markets segment ($537 million vs estimates of $462 million).
The stock is down 1.3% since the results and currently trades at $182.3.
Is now the time to buy JLL? Access our full analysis of the earnings results here, it's free.
Weakest Q4: Anywhere Real Estate (NYSE:HOUS)
Formerly known as Realogy Holdings, Anywhere Real Estate (NYSE:HOUS) is a residential real estate company with a network of brokerages, franchises, and settlement services.
Anywhere Real Estate reported revenues of $1.25 billion, down 5.5% year on year, falling short of analyst expectations by 2.1%. It was a weak quarter for the company, with a miss of analysts' revenue and EPS estimates.
The stock is down 26.4% since the results and currently trades at $5.63.
Read our full analysis of Anywhere Real Estate's results here.
Zillow (NASDAQ:ZG)
Founded by Expedia co-founders Lloyd Frink and Rich Barton, Zillow (NASDAQ:ZG) is the leading U.S. online real estate marketplace.
Zillow reported revenues of $474 million, up 9% year on year, surpassing analyst expectations by 5%. It was a strong quarter for the company, with an impressive beat of analysts' earnings estimates and a solid beat of analysts' revenue estimates.
The stock is down 14% since the results and currently trades at $44.75.
Read our full, actionable report on Zillow here, it's free.
Newmark (NASDAQ:NMRK)
Founded in 1929, Newmark (NASDAQ:NMRK) provides commercial real estate services, including leasing advisory, global corporate services, investment sales and capital markets, property and facilities management, valuation and advisory, and consulting.
Newmark reported revenues of $747.4 million, up 23.1% year on year, in line with analyst expectations. It was a weak quarter for the company, with a miss of analysts' earnings estimates.
The stock is down 0.3% since the results and currently trades at $10.37.
Read our full, actionable report on Newmark here, it's free.
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