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Jones Lang LaSalle Reports strong Q1 2016 with gross revenue up 14% to $1.3 billion

Posted On Tuesday, 10 May 2016 10:34 Published by
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Jones Lang LaSalle Incorporated (NYSE: JLL) today reported broad-based revenue growth for the first quarter of 2016 resulting in adjusted earnings per share of $0.82.

Colin_Dyer_JLL_CEO

First-quarter revenue growth across geographic segments and LaSalle Investment Management. Margin performance reflects growth of annuity businesses, slow start in capital markets

Diversified acquisitions and investments continue to fuel long-term profitable growth. LaSalle assets under management at record high of $58 billion with strong investment performance. Dividend increases by 7 percent to $0.31 per share.

Jones Lang LaSalle Incorporated (NYSE: JLL) today reported broad-based revenue growth for the first quarter of 2016 resulting in adjusted earnings per share of $0.82.

CEO Comment: “Contributions from all our geographic segments and LaSalle combined to produce robust first-quarter revenue and earnings,” said Colin Dyer, JLL President and Chief Executive Officer. “While 2016 started slowly, real estate markets regained traction as the quarter progressed, and we expect this momentum to continue, indicating another excellent year for our company,” Dyer added.

Total revenue for the first quarter was $1.3 billion, up 14 percent from 2015. Consolidated fee revenue for the first quarter was $1.1 billion, up 11 percent from 2015. Solid revenue growth was driven by Property & Facility Management, Project & Development Services, Leasing, and LaSalle. Additionally, Capital Markets & Hotels' performance was healthy following a record first-quarter performance in 2015.

Consolidated fee-based operating expenses, excluding restructuring and acquisition charges, were $1.1 billion for the quarter, compared with $976 million last year, an increase of 14 percent.

LaSalle Investment Management generated double-digit growth, driven by transaction fees on real estate acquisitions, with total revenue increasing 18 percent. LaSalle also realized another quarter of robust equity earnings, primarily from net valuation increases across our co-investment portfolio.

Adjusted operating income for the quarter was $45 million, compared with $55 million last year, driven by relative growth of annuity businesses and a slow start in capital markets against an outsized first quarter in 2015, together with investments in technology and data.

Adjusted earnings per share were $0.82 for the quarter, compared to $0.97 last year and $0.39 for first quarter 2014.  

Total net debt was $972 million at quarter end, an increase of $512 million from year end, reflecting incentive compensation payments resulting from record 2015 financial performance and continued acquisitions and investments.

Reflecting confidence in the company's cash generation, the Board of Directors declared a semi-annual dividend of $0.31 per share, a 7 percent increase from the $0.29 per share payment made in December 2015. The dividend payment will be made on June 15, 2016, to shareholders of record at the close of business on May 13, 2016.

 

Last modified on Tuesday, 10 May 2016 19:20
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