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Jones Lang LaSalle (JLL) Q3 Earnings Lag, Fall Y/Y; Sales Up
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Jones Lang LaSalle Inc. (JLL - Free Report) which shortened its name to “JLL,” reported third-quarter 2016 adjusted earnings of $1.42 per share, missing the Zacks Consensus Estimate of $2. Adjusted earnings for third-quarter 2015 were $2.56 per share.
For the quarter, revenues came in at around $1.71 billion, surpassing the Zacks Consensus Estimate of $1.54 billion and up 13.6% year over year. Fee revenues increased 12.4% year over year to $1.45 billion.
Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) were $127 million, down from $188 million in the prior-year quarter.
Revenue Growth
Geographically, fee revenues from the Americas totaled $718.5 million, denoting a year-over-year increase of 22%. Fee revenues in the EMEA (Europe, the Middle East and Africa) region grew 13% year over year to $376.5 million, while that in the Asia-Pacific region rose 17% year over year to $271.9 million.
Revenues from LaSalle Investment Management segment decreased 76% year over year to $4.9 million. At the end of the third quarter, assets under management totaled $59.7 billion, up from $59.1 billion at the end of the prior quarter.
Liquidity
JLL enjoys credit facility of $2.75 billion with the maturity date of Jun 2021.
JLL exited the third quarter with cash and cash equivalents of $228.4 million, up from $216.6 million as of Dec 31, 2015. At the end of the third quarter, the company’s net debt was $1.3 billion, up $300 million from the prior-quarter end.
Dividend
JLL declared a semi-annual dividend of 33 cents per share, marking an increase of 6% from the previous payment. The payment will be made on Dec 15, 2016 to shareholders on record as of Nov 15, 2016
Our Viewpoint
JLL’s diversified product & services range, extensive knowledge of domestic & international real estate markets and a spate of strategic investment activities will aid its growth momentum. However, stiff competition and uneasiness in certain global economies remain concerns.
Some other REITs which are slated to report results this week are EPR Properties (EPR - Free Report) , National Retail Properties, Inc. (NNN - Free Report) and Lamar Advertising Co. (LAMR - Free Report) .
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Jones Lang LaSalle (JLL) Q3 Earnings Lag, Fall Y/Y; Sales Up
Jones Lang LaSalle Inc. (JLL - Free Report) which shortened its name to “JLL,” reported third-quarter 2016 adjusted earnings of $1.42 per share, missing the Zacks Consensus Estimate of $2. Adjusted earnings for third-quarter 2015 were $2.56 per share.
For the quarter, revenues came in at around $1.71 billion, surpassing the Zacks Consensus Estimate of $1.54 billion and up 13.6% year over year. Fee revenues increased 12.4% year over year to $1.45 billion.
Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) were $127 million, down from $188 million in the prior-year quarter.
Revenue Growth
Geographically, fee revenues from the Americas totaled $718.5 million, denoting a year-over-year increase of 22%. Fee revenues in the EMEA (Europe, the Middle East and Africa) region grew 13% year over year to $376.5 million, while that in the Asia-Pacific region rose 17% year over year to $271.9 million.
JONES LANG LASL Price, Consensus and EPS Surprise
JONES LANG LASL Price, Consensus and EPS Surprise | JONES LANG LASL Quote
Revenues from LaSalle Investment Management segment decreased 76% year over year to $4.9 million. At the end of the third quarter, assets under management totaled $59.7 billion, up from $59.1 billion at the end of the prior quarter.
Liquidity
JLL enjoys credit facility of $2.75 billion with the maturity date of Jun 2021.
JLL exited the third quarter with cash and cash equivalents of $228.4 million, up from $216.6 million as of Dec 31, 2015. At the end of the third quarter, the company’s net debt was $1.3 billion, up $300 million from the prior-quarter end.
Dividend
JLL declared a semi-annual dividend of 33 cents per share, marking an increase of 6% from the previous payment. The payment will be made on Dec 15, 2016 to shareholders on record as of Nov 15, 2016
Our Viewpoint
JLL’s diversified product & services range, extensive knowledge of domestic & international real estate markets and a spate of strategic investment activities will aid its growth momentum. However, stiff competition and uneasiness in certain global economies remain concerns.
JLL currently has a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Some other REITs which are slated to report results this week are EPR Properties (EPR - Free Report) , National Retail Properties, Inc. (NNN - Free Report) and Lamar Advertising Co. (LAMR - Free Report) .
Confidential from Zacks
Beyond this Analyst Blog, would you like to see Zacks' best recommendations that are not available to the public? Our Executive VP, Steve Reitmeister, knows when key trades are about to be triggered and which of our experts has the hottest hand. Click to see them now>>