Jones Lang LaSalle (JLL) Q3 2024 earnings summary

Executive summary

• Q3 2024 revenue grew 15% year-over-year to $5.87–$5.9 billion, with double-digit gains in Market Advisory/Leasing, Capital Markets/Investment Sales, and Work Dynamics/Workplace Management, supported by broad-based geographic and asset class growth.

• Adjusted EBITDA increased 37% to $298.1 million, and adjusted net income rose 60% to $170 million; diluted EPS reached $3.20, up from $1.23, and adjusted diluted EPS was $3.50, up from $2.19.

• Net income attributable to common shareholders surged 160% to $155.1 million.

• Strategic actions included the acquisition of Raise Commercial Real Estate to enhance digital leasing, realignment of business segments, and ongoing investment in technology.

• Year-to-date 2024 revenue reached $16.62 billion, up 12% year-over-year, with adjusted EBITDA up 32%.

Financial highlights

• Q3 2024 revenue: $5.87–$5.9 billion (up 15%); nine-month revenue: $16.62–$16.6 billion (up 12%).

• Q3 2024 adjusted EBITDA: $298.1 million (up 37%); nine-month adjusted EBITDA: $731.5 million (up 32%).

• Q3 2024 adjusted diluted EPS: $3.50 (up 60%); nine-month adjusted diluted EPS: $7.84 (up 56%).

• Cash and cash equivalents at September 30, 2024: $437.8 million; corporate liquidity at $3.39–$3.4 billion.

• Share repurchases in Q3: $20–$20.1 million; $1.03 billion remains authorized.

Outlook and guidance

• Raised full-year 2024 adjusted EBITDA target to $1.15–$1.2 billion, a $150 million increase to the bottom of the previous range.

• Management expects continued momentum in core business lines, with variability due to macroeconomic trends and transaction timing.

• No material impact from new global minimum tax legislation is expected for 2024.