CHICAGO, November 2, 2022 – Jones Lang LaSalle Incorporated (NYSE: JLL) today reported operating performance for the third quarter of 2022 with diluted earnings per share of $2.88, compared with $4.57 in the prior-year quarter, and adjusted diluted earnings per share1 of $3.40, compared with $4.56 last year.
Revenue was $5.2 billion, up 10% in local currency, and fee revenue1 was $2.0 billion, up 4% in local currency
Outsourcing wins and continued Project Management demand drove 14% increase in Work Dynamics fee revenue
Stable Markets Advisory fee revenue highlighted by Property Management in the Americas and growth in office Leasing
Industry-wide lower market volumes and elongated deal cycles across the globe contributed to the 5% decline in Capital Markets
Margin contraction was due to higher compensation expense and incremental T&E and marketing costs
Increased borrowing capacity of Credit Facility to $3.35 billion and redeemed $275 million of Senior Notes
"During the latter half of the quarter, the commercial real estate industry experienced a more rapid slowdown in Capital Markets volumes than was expected three months ago," said Christian Ulbrich, JLL CEO. "In the current environment, the time to close deals has elongated and bid-ask spreads have widened. At the same time, Work Dynamics, one of our more resilient segments, continued to show strength with double-digit fee revenue growth. We see significant opportunity to leverage JLL’s global platform and industry expertise to serve clients during a more challenging macro-economic period."
