The FINANCIAL — Jones Lang LaSalle Incorporated (NYSE: JLL) reported operating performance for the third quarter of 2020 with diluted earnings per share of $2.52 and adjusted diluted earnings per share1 of $2.99.
- Consolidated revenue was $4.0 billion and fee revenue1 was $1.4 billion, decreases of 12% and 23%, respectively
- Capital Markets and Leasing continued to be notably affected by the COVID-19 pandemic
- Steady contributions from Property & Facility Management reflected strength of the global platform and evolving outsourcing trends
- Margin performance benefited from expanded cost mitigation actions and government relief, which more than offset lower transactional revenues
- LaSalle achieved solid advisory fee growth and raised over $2 billion of capital this quarter
- Strong operating cash flows drove net debt to below pre-HFF-acquisition level
“Our third-quarter revenue and profitability grew meaningfully compared with the second quarter, demonstrating the continued resilience of our global, full-service platform in this unprecedented operating environment,” said Christian Ulbrich, JLL CEO. “Leveraging our platform investments, we further enhanced our suite of products and services while driving new efficiencies and lowering our cost base. This allowed us to generate strong cash flow to repay HFF acquisition-related debt within just five quarters and resume share repurchases. We are prepared for the coming quarters as we continue to deliver superior service to our clients and value to our stakeholders while remaining focused on cash generation and margin improvement.”