Jones Lang Lasalle Inc. (NASDAQ:JLL) reported higher profit for the second quarter as revenue showed growth. Jones Lang LaSalle, Inc. provides integrated real estate and investment management expertise on a local, regional and global level to owner, occupier and investor clients.
Jones Lang Lasalle Earnings Cheat Sheet for the Second Quarter
Results: Net income for the property management company rose to $44.1 million (99 cents per share) vs. $32 million (72 cents per share) in the same quarter a year earlier. This marks a rise of 37.9% from the year earlier quarter.
Revenue: Rose 25.4% to $849.4 million from the year earlier quarter.
Actual vs. Wall St. Expectations: JLL reported adjusted net income of $1.12 per share. By that measure, the company beat the mean estimate of $1.10 per share. It beat the average revenue estimate of $794.9 million.
Quoting Management: “We are pleased to report another quarter of solid revenue growth,” said Colin Dyer, President and Chief Executive Officer of Jones Lang LaSalle. “While the cyclical recovery in global real estate markets continues, business confidence is being tested internationally by concerns over government finances. We expect to continue to grow our market share worldwide and remain positive on our prospects for the seasonally stronger second half,” Dyer added.
The company has enjoyed double-digit year-over-year percentage revenue growth for the past five quarters. Over that span, the company has averaged growth of 20.7%, with the biggest boost coming in the most recent quarter when revenue rose 25.4% from the year earlier quarter.
The company topped expectations last quarter after falling short of forecasts in the first quarter with net income of 3 cents versus a mean estimate of net income of 31 cents per share.
Competitors to Watch: CB Richard Ellis Group, Inc. (NYSE:CBG), Grubb & Ellis Company (NYSE:GBE), Kennedy-Wilson Hldgs., Inc. (NYSE:KW), FirstService Corp. (NASDAQ:FSRV), ZipRealty, Inc. (NASDAQ:ZIPR), E-House (NASDAQ:CHINA) Hldgs. Ltd. (NYSE:EJ), HFF, Inc. (NYSE:HF), EMCOR Group, Inc. (NYSE:EME), Terreno Realty Corporation (NYSE:TRNO), and IFM Investments Ltd. (NYSE:CTC).
(Source: Xignite Financials)