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JLL

Jones Lang LaSalle Q4 Earnings Miss, Revenues Rise

Jones Lang LaSalle Inc.JLL which shortened its name to "JLL," reported fourth-quarter 2015 adjusted earnings of $4.53, which missed the Zacks Consensus Estimate of $4.85. Adjusted earnings for fourth-quarter 2014 were $4.33 per share.

For the quarter, revenues came in at around $1.9 billion, surpassing the Zacks Consensus Estimate of $1.7 billion and up 8% year over year. Fee revenues increased 7% year over year to $1.7 billion.

Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) were $312 million, up from $300 million in the prior-year quarter.

For full-year 2015, adjusted earnings per share came in at $10.01, up from the prior-year tally of $8.65. Revenues for 2015 were $6 billion, up 10% year over year.

Quarter in Detail

Geographically, fee revenues from the Americas totaled $760.9 million, denoting a year-over-year increase of 11%. Fee revenues in the EMEA (Europe, the Middle East and Africa) region increased 4% year over year to $492.5 million; while that in the Asia-Pacific region rose 5% year over year to $316.6 million.

Revenues from LaSalle Investment Management segment increased 11% year over year to $109.6 million. At the end of fourth-quarter 2015, assets under management totaled $56.4 billion, down from $57.2 billion at the end of the prior quarter.

Liquidity

JLL exited the fourth quarter with cash and cash equivalents of $216.6 million, down from $250.4 million as of Dec 31, 2014. At the end of fourth-quarter 2015, the company's net debt rose $298 million year over year to $461 million.

Our Viewpoint

Aided by a favorable environment in the real estate market, we believe strength in LaSalle Investment Management business would help the REIT ride on the growth trajectory.

JLL currently has a Zacks Rank #3 (Hold). Investors interested in the real estate industry may consider stocks like Reis, Inc. REIS , FirstService Corporation FSV and Alexander & Baldwin, Inc. ALEX . All three stocks hold a Zacks Rank #2 (Buy).

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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