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Investing.com -- Jones Lang LaSalle Incorporated (NYSE:JLL) reported first quarter earnings that beat analyst expectations, while revenue came in slightly below estimates. The real estate services firm’s shares fell 2.1% following the release.
JLL posted adjusted earnings per share of $2.31, surpassing the analyst consensus of $2.16. Revenue for the quarter rose 13% year-over-year to $5.7 billion, just shy of the $5.73 billion analysts were expecting.
The company saw broad-based growth across its business segments. Real Estate Management Services revenue increased 14%, driven by a 15% rise in Workplace Management and 16% growth in Project Management. Leasing Advisory revenue climbed 13%, with office leasing up 18% globally. Capital Markets Services revenue jumped 16%, fueled by strong performance in debt advisory and investment sales.
"Broad-based revenue growth and the 28% increase in Adjusted EPS in the first quarter are a reflection of JLL’s multi-year focus on platform differentiation, efficiency and resiliency," said CEO Christian Ulbrich.
JLL’s net debt stood at $1.75 billion as of March 31, up from $800.6 million at the end of 2024 due to seasonal factors and a $100 million investment in an Investment Management fund.
Despite the earnings beat, JLL shares dipped 2.1% in reaction to the slight revenue miss and potentially cautious outlook. The company noted it is entering Q2 "with a notably more volatile market backdrop."
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