Continued growth in annuity-based businesses overshadowed by market-driven softness in leasing and capital markets
News release
27 February 2023
JLL Reports Financial Results for Fourth-Quarter and Full-Year Test
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CHICAGO, February 28, 2023 – Jones Lang LaSalle Incorporated (NYSE: JLL) today reported operating performance for 2022 with fourth-quarter diluted earnings per share of $3.62 and adjusted diluted earnings per share (1) of $4.36, and full-year diluted earnings per share of $13.27 and adjusted diluted earnings per share(1) of $15.71.
Fourth-quarter revenue was $5.6 billion, down 2% in LC, and fee revenue1 was $2.2 billion, down 16% in LC, compared with a record 2021
Outsourcing wins and strong close to the year for Project Management drove increase in Work Dynamics
Sharp decline in market volumes and elongated deal cycles continued, contributing to the drop in Capital Markets
Lower Markets Advisory revenue was attributable to pullback in leasing activity across asset classes
Margin contraction for the fourth quarter driven primarily by three factors:
Decrease in equity earnings from both JLL Technologies and LaSalle, which comprised over 75% of net margin contraction
Decline in higher-margin transaction-based revenue
Higher fixed compensation expense
"JLL’s fourth-quarter performance reflected the industry-wide slowdown in investment sales and leasing volumes caused by the rapid increase in interest rates and the peak of recent inflationary pressures," said Christian Ulbrich, JLL CEO. "Once again, the resilience and diversification of our platform was evidenced by strong fee revenue growth in our annuity businesses, especially within Work Dynamics. We remain focused on driving efficiencies in our operating platform and have reduced our cost structure in light of the challenging economic environment. We expect market conditions to recover across much of the world in the second half of 2023 and are confident in our ability to gain share, generate long-term profitable growth and achieve our 2025 financial targets."
A propos de JLL
Depuis plus de 200 ans, JLL (NYSE : JLL), l’un des leaders mondiaux du conseil et de l’investissement en immobilier d’entreprise, aide ses clients à acheter, louer, construire, aménager et développer les actifs immobiliers tertiaires, commerciaux, industriels, hôteliers ou résidentiels. Entreprise classée au Fortune 500, implantée dans plus de 80 pays dans le monde, avec un chiffre d'affaires annuel de 23,4 milliards de dollars, JLL compte plus de 112 000 collaborateurs qui associent approche globale et expertises locales. Animés par une mission commune, façonner le futur de l'immobilier pour un monde plus durable, nous aidons nos clients et tous les acteurs de notre écosystème à éclairer l’avenir de l’immobilier : SEE A BRIGHTER WAYSM. JLL est une marque déposée de Jones Lang LaSalle Incorporated. Pour plus d'informations, rendez-vous sur le site jll.com.