JLL Reports Financial Results for First-Quarter 2023
Resilient performance by annuity-based businesses outpaced by continued market-wide pullback in transactional revenues
CHICAGO, May 4, 2023 – Jones Lang LaSalle Incorporated (NYSE: JLL) today reported operating performance for first-quarter 2023 with diluted loss per share of $0.19 and adjusted diluted earnings per share(1) of $0.65.
- First-quarter revenue was $4.7 billion, up 1% in local currency, and fee revenue(1) was $1.6 billion, down 15% in local currency
- Market-wide transaction slowdown continued to impact Capital Markets activity, which was down against a robust prior year
- Muted Leasing activity across asset classes and most geographies drove the Markets Advisory decline
- Strong demand continued for Project Management, driving double-digit growth in Work Dynamics
- Margin contraction was primarily driven by the decline in transaction-based revenue
- Run-rate fixed expense growth over the past few quarters was partially offset by ongoing cost reduction actions
"Our first quarter financial results were in line with the expectations we had at the beginning of the year. Strong fee revenue growth in our resilient business lines was offset by the continuation of the industry-wide slowdown in investment sales and leasing volumes,” said Christian Ulbrich, JLL CEO. "JLL's diversified global platform and leadership position in both U.S. debt origination and equity placement put us in a unique situation to help our clients navigate the current operating environment. The investments we have made in our business over the past several years and the steps we have taken to reduce our operating costs position us to gain market share and drive long-term stakeholder value."
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.9 billion and operations in over 80 countries around the world, our more than 103,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.