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JLL's Q2 Earnings Miss Estimates, Down Y/Y; Revenues Up
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Jones Lang LaSalle Inc. (JLL - Free Report) which shortened its name to “JLL,” reported second-quarter 2016 adjusted earnings of $1.93 per share, missing the Zacks Consensus Estimate of $1.98. Adjusted earnings for second-quarter 2015 were $2.01 per share.
For the quarter, revenues came in at around $1.60 billion, surpassing the Zacks Consensus Estimate of $1.45 billion and up 17% year over year. Fee revenues increased 14% year over year to $1.35 billion.
Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) were $160 million, up from $156 million in the prior-year quarter.
Geographically, fee revenues from the Americas totaled $629.9 million, denoting a year-over-year increase of 16%. Fee revenues in the EMEA (Europe, the Middle East and Africa) region inched up 2% year over year to $333.1 million; while that in the Asia-Pacific region rose 11% year over year to $255.7 million.
Revenues from LaSalle Investment Management segment increased 29% year over year to $136.9 million. At the end of second-quarter 2016, assets under management totaled $59.1 billion, up from $58.3 billion at the end of the prior quarter.
Liquidity
Prior to the Brexit vote, the company expanded its credit facility to $2.75 billion from $2 billion and also extended the maturity date.
JLL exited the second quarter with cash and cash equivalents of $213.7 million, down from $216.6 million as of Dec 31, 2015. At the end of second-quarter 2016, the company’s net debt was $1 billion, up $30 million from the prior-quarter end.
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). Investors interested in the real estate industry may consider stocks like Henderson Land Development Co. Ltd. (HLDCY - Free Report) , The Liberty Braves Group (BATRK - Free Report) and Sun Hung Kai Properties Limited (SUHJY - Free Report) . All these stocks hold a Zacks Rank #2 (Buy).
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>
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JLL's Q2 Earnings Miss Estimates, Down Y/Y; Revenues Up
Jones Lang LaSalle Inc. (JLL - Free Report) which shortened its name to “JLL,” reported second-quarter 2016 adjusted earnings of $1.93 per share, missing the Zacks Consensus Estimate of $1.98. Adjusted earnings for second-quarter 2015 were $2.01 per share.
For the quarter, revenues came in at around $1.60 billion, surpassing the Zacks Consensus Estimate of $1.45 billion and up 17% year over year. Fee revenues increased 14% year over year to $1.35 billion.
Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) were $160 million, up from $156 million in the prior-year quarter.
Diversified Revenue Growth
Geographically, fee revenues from the Americas totaled $629.9 million, denoting a year-over-year increase of 16%. Fee revenues in the EMEA (Europe, the Middle East and Africa) region inched up 2% year over year to $333.1 million; while that in the Asia-Pacific region rose 11% year over year to $255.7 million.
Revenues from LaSalle Investment Management segment increased 29% year over year to $136.9 million. At the end of second-quarter 2016, assets under management totaled $59.1 billion, up from $58.3 billion at the end of the prior quarter.
Liquidity
Prior to the Brexit vote, the company expanded its credit facility to $2.75 billion from $2 billion and also extended the maturity date.
JLL exited the second quarter with cash and cash equivalents of $213.7 million, down from $216.6 million as of Dec 31, 2015. At the end of second-quarter 2016, the company’s net debt was $1 billion, up $30 million from the prior-quarter end.
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.
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JLL currently has a Zacks Rank #4 (Sell). Investors interested in the real estate industry may consider stocks like Henderson Land Development Co. Ltd. (HLDCY - Free Report) , The Liberty Braves Group (BATRK - Free Report) and Sun Hung Kai Properties Limited (SUHJY - Free Report) . All these stocks hold a Zacks Rank #2 (Buy).
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>