NEW YORK – Cushman & Wakefield plc (NYSE: NYSE:) reported better-than-expected third quarter outcomes on Monday, pushed by sturdy international leasing income progress.

The industrial actual property companies agency posted adjusted earnings per share of $0.23, topping the analyst consensus estimate of $0.21. Income got here in at $2.34 billion, considerably above expectations of $1.61 billion.

International leasing income surged 13% year-over-year, with explicit power within the Americas and Asia Pacific areas. Within the Americas, leasing income jumped 16%, fueled by strong workplace and industrial exercise.

“This quarter marked an essential turning level. We reported the best quarter of world Leasing income progress and the primary quarter of Americas Capital markets income progress for the reason that second quarter of 2022,” mentioned CEO Michelle MacKay.

The corporate generated sturdy free money circulation of $61.1 million year-to-date, enabling it to completely repay its time period mortgage due in 2025 forward of schedule.

Whereas capital markets income declined 4% total resulting from continued rate of interest volatility, the Americas section noticed 2% progress on this space.

Cushman & Wakefield’s adjusted EBITDA got here in at $142.5 million for the quarter, down 5% year-over-year. The adjusted EBITDA margin was 8.7%, declining 72 foundation factors from Q3 2023.

Wanting forward, MacKay mentioned the strategic work accomplished over the previous 12 months “has created significant progress alternatives for our enterprise and we’re energized to ship on these priorities within the years forward.”

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