Jones Lang Hikes on Q4 Numbers

Jones Lang LaSalle Incorporated (NYSE: JLL) today reported operating income of $290.4 million for the fourth quarter of 2023, up from $254.7 million last year, and $576.5 million for the full year, compared with $868.1 million in 2022. Diluted earnings per share were $3.57 and adjusted diluted earnings per share were $4.23 for the quarter; diluted earnings per share were $4.67 and adjusted diluted earnings per share1 were $7.40 for the full year.

The Chicago-based company reported fourth-quarter revenue was $5.9 billion, up 4% in local currency, and fee revenue was $2.2 billion, down 2% in local currency.

Work Dynamics achieved broad-based growth across all service lines, highlighted by the ramp up of recent contract wins.

Capital Markets had solid performance against the lowest fourth-quarter investment sales market volumes since 2011.

Property Management, within Markets Advisory, delivered double-digit growth from strong momentum across the globe.

Also within Markets Advisory, the office sector in the U.S. drove the single-digit decline in Leasing as other asset classes were largely flat.

Said CEO Christian Ulbrich “JLL’s fourth-quarter and full-year 2023 operating results reflected strong growth within our resilient business lines in the face of the market-wide pullback in transaction activity and elevated geopolitical uncertainty. With a focus on operating efficiency, we drove improved cash generation while continuing to invest in our platform.”

JLL began Tuesday up $4.51, or 2.4%, to $189.58.

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