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Jones Lang LaSalle (JLL) Q4 Earnings Beat, Decrease Y/Y

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Jones Lang LaSalle Inc. (JLL - Free Report) which shortened its name to “JLL,” reported fourth-quarter 2016 adjusted earnings of $3.95 per share, beating the Zacks Consensus Estimate of $3.92. However, the bottom line came in lower than the fourth-quarter 2015 adjusted earnings of $4.61 per share.

For full-year 2016, adjusted earnings per share came in at $8.13, down from the 2015 figure of $10.20.

For the quarter, revenues came in at around $2.16 billion, surpassing the Zacks Consensus Estimate of $2.04 billion and up 14% year over year. Fee revenues increased 11% year over year to $1.85 billion.

For the full year, revenues came in at $6.80 billion, up 14% year over year and fee revenues came in at $5.76 billion, up 11% year over year.

For the reported quarter, adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) came in at $286 million, down from $310 million in the prior-year quarter.

Revenue Growth

During the quarter, fee revenues from the Americas totaled $850 million, denoting a year-over-year increase of 12%. Fee revenues in the EMEA (Europe, the Middle East and Africa) region grew 11% year over year to $548.1 million, while that in the Asia-Pacific region rose 11% year over year to $350.9 million.

Revenues from LaSalle Investment Management segment rose 3% year over year to $100 million. At the end of the fourth quarter, assets under management totaled $60.1 billion, up from $59.7 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 quarter with cash and cash equivalents of $258.5 million, up from $216.6 million as of Dec 31, 2015. At the end of the fourth quarter, the company’s net debt was $1.1 billion, down $171 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 uncertainty in certain global economies remain concerns.

Currently, JLL carries a Zacks Rank #4 (Sell).

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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We now look forward to the earnings releases of DDR Corp. , Vornado Realty Trust (VNO - Free Report) and HCP, Inc. (HCP - Free Report) which are expected next week.

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