For the full year, diluted earnings per share were $6.98 and adjusted diluted earnings per share were $8.13. Fourth quarter diluted earnings per share were $3.62; adjusted diluted earnings per share were $3.95.
Fourth quarter revenue was up 14 percent to $2.2 billion; fee revenue of $1.8 billion was up 11 percent.
• Fourth-quarter and full-year revenue growth led by Property & Facility Management and Project & Development Services
• Margin declines reflect increased investments in technology and data, shift toward annuity businesses and decline in LaSalle equity earnings
• Robust full-year leasing and capital markets performance despite market volume declines
• Strong performance in Continental Europe overshadowed by post-Brexit market volume and margin declines in the UK
• LaSalle continues solid performance and annuity-based advisory fee expansion
• Net debt reduced by $171 million during the quarter, reducing leverage to 1.7x
CEO Comment: “We recorded double-digit revenue growth for both the fourth quarter and full year of 2016, driven by recent acquisitions and organic growth,” said Christian Ulbrich, JLL CEO. “Going forward, we are focused on translating our increases in revenue and strategic investments into accelerated profit growth," Ulbrich added. "Our businesses continue to perform well, and we expect economic and real estate markets to remain positive in most markets globally this year.”