JLL reports financial results for fourth-quarter and full-year 2023

CHICAGO, February 27, 2024 – Jones Lang LaSalle Incorporated (NYSE: JLL) today reported operating income of $290.4 million for the fourth quarter of 2023, up from $254.7 million last year, and $576.5 million for the full year, compared with $868.1 million in 2022. Diluted earnings per share were $3.57 and adjusted diluted earnings per share₁ were $4.23 for the quarter; diluted earnings per share were $4.67 and adjusted diluted earnings per share₁ were $7.40 for the full year.

• Fourth-quarter revenue was $5.9 billion, up 4% in local currency₁, and fee revenue₁ was $2.2 billion, down 2% in local currency₁
• Work Dynamics achieved broad-based growth across all service lines, highlighted by the ramp up of recent contract wins
  
• Capital Markets had solid performance against the lowest fourth-quarter investment sales market volumes since 2011
  
• Property Management, within Markets Advisory, delivered double-digit growth from strong momentum across the globe
  
• Also within Markets Advisory, the office sector in the U.S. drove the single-digit decline in Leasing as other asset classes were largely flat
• Fourth-quarter margin reflected lower transaction-based revenues and unrealized investment losses associated with certain JLL Technologies portfolio investments, partially offset by growth in resilient revenue and the impact of recent cost mitigation actions, reducing the expense base
• Nearly $130 million of incremental cash was generated by operating activities for the quarter; over $375 million incremental for the full year

"JLL's fourth-quarter and full-year 2023 operating results reflected strong growth within our resilient business lines in the face of the market-wide pullback in transaction activity and elevated geopolitical uncertainty. With a focus on operating efficiency, we drove improved cash generation while continuing to invest in our platform," said Christian Ulbrich, JLL CEO. "As business confidence globally begins to improve alongside greater stability in interest rates, we expect transaction activity will pick up over the course of the year. Our global platform, industry insights and people uniquely position us to seize significant growth opportunities across the commercial real estate industry in the coming years while continuing to provide exceptional service to our clients."

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