JLL Reports Financial Results for Third-Quarter 2023
Growth in resilient business line revenues helped offset continued market-wide pullback in transaction activity
CHICAGO, November 2, 2023 — Jones Lang LaSalle Incorporated (NYSE: JLL) today reported operating income of $119.1 million for the third quarter of 2023. Diluted earnings per share were $1.23 and Adjusted diluted earnings per share1 were $2.01 for the quarter.
- Third-quarter revenue was $5.1 billion, down 2% in local currency1, and fee revenue1 was $1.8 billion, down 13% in local currency1
- Capital Markets impacted by dampened transaction market in rising interest rate environment
- Leasing, within Markets Advisory, declined across asset classes, notably in large-scale transactions amidst elevated economic uncertainty
- Also within Markets Advisory, Property Management momentum delivered double-digit growth
- Work Dynamics achieved broad-based growth across all service lines as new contract wins ramped up
- Margin reflected lower transaction-based revenues and equity losses, with recent cost mitigation actions reducing expense base
- Generated nearly $190 million incremental cash provided by operating activities for the quarter, despite lower net income
"JLL’s third-quarter financial results reflected continued focus on diversifying our business. During the quarter, fee revenue expanded across our resilient business lines while the industry-wide slowdown in investment sales and leasing transactions continued,” said Christian Ulbrich, JLL CEO. “Our investments in technology and the improved efficiency of our operating model position us to expand margins even if a slower transaction environment persists. When combined with our global scale and 'One JLL' approach, these factors will enable long-term growth and shareholder value creation."
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 106,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.