CHICAGO, November 2, 2023 — Jones Lang LaSalle Incorporated (NYSE: JLL) today reported operating income of $119.1 million for the third quarter of 2023. Diluted earnings per share were $1.23 and Adjusted diluted earnings per share1 were $2.01 for the quarter.
Third-quarter revenue was $5.1 billion, down 2% in local currency1, and fee revenue1 was $1.8 billion, down 13% in local currency1
Capital Markets impacted by dampened transaction market in rising interest rate environment
Leasing, within Markets Advisory, declined across asset classes, notably in large-scale transactions amidst elevated economic uncertainty
Also within Markets Advisory, Property Management momentum delivered double-digit growth
Work Dynamics achieved broad-based growth across all service lines as new contract wins ramped up
Margin reflected lower transaction-based revenues and equity losses, with recent cost mitigation actions reducing expense base
Generated nearly $190 million incremental cash provided by operating activities for the quarter, despite lower net income
"JLL’s third-quarter financial results reflected continued focus on diversifying our business. During the quarter, fee revenue expanded across our resilient business lines while the industry-wide slowdown in investment sales and leasing transactions continued,” said Christian Ulbrich, JLL CEO. “Our investments in technology and the improved efficiency of our operating model position us to expand margins even if a slower transaction environment persists. When combined with our global scale and 'One JLL' approach, these factors will enable long-term growth and shareholder value creation."
