Jones Lang LaSalle Q2 revenue rises 11%, slightly beats estimates

Overview

• Global real estate services firm's Q2 revenue rose 11%, slightly beating analyst expectations

• Adjusted EPS for Q2 increased 59%, beating analyst expectations

• Company repurchased $110 mln in shares during the quarter

Outlook

• JLL raises full-year adjusted EPS target range, reflecting 34% yr-over-yr growth at mid-point

• Company expects continued acceleration in Advisory revenues and robust demand for core services

• JLL sees ongoing strength in Workplace Management and broad-based growth across sectors

Result Drivers

• LEASING ADVISORY GROWTH - Higher Leasing Advisory revenue driven by increased momentum in office, industrial and data center asset classes, with larger average deal sizes and higher deal volume, especially in the U.S.

• CAPITAL MARKETS SERVICES - Revenue growth led by investment sales, debt and equity advisory, with broad-based increases across most geographies, particularly in the U.S., Japan and Australia

• WORKPLACE MANAGEMENT - Real Estate Management Services growth highlighted by mandate expansions and new wins in Workplace Management

Company press release: ID:nPn7gl6YTa

Key Details

*Applies to a deviation of less than 1%; not applicable for per-share numbers.

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 8 "strong buy" or "buy", 4 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the real estate services peer group is "buy"

• Wall Street's median 12-month price target for Jones Lang LaSalle Inc is $401.00, about 17.9% above its July 29 closing price of $340.00

• The stock recently traded at 14 times the next 12-month earnings vs. a P/E of 13 three months ago

Reuters Recommended Reads

• July 29 - CBRE raises profit forecast as data center expansion boosts real estate services demand

• July 28 - CoStar Group Q2 adjusted EPS beats estimates on cost control

• July 28 - BXP Q2 profit beats expectations on higher occupancy, raises FY outlook

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)