In its earnings release, furnished as Exhibit 99.1 with its Oct. 28 Form 8-K, Jones Lang LaSalle Incorporated said it raised its full-year adjusted earnings-per-share target range after third-quarter revenue climbed 12%, with net income higher and a $500 million accelerated repurchase planned.
Revenue reached $7.28 billion. Net income attributable to common shareholders was $319.8 million, up 44% in U.S. dollars and 45% in local currency from a year earlier, according to JLL's earnings release.
Diluted earnings per share was $6.85, compared with $4.61 a year earlier. Adjusted diluted EPS was $6.76, up from $4.50, while adjusted EBITDA increased 33% to $460.2 million.
Leasing Advisory revenue rose 27% in local currency. Capital Markets Services grew 21% in local currency, equivalent to 20% in U.S. dollars. Real Estate Management Services revenue gained 9%, while Investment Management revenue declined 7% in local currency.
Cash from operating activities decreased 1% to $609.7 million. Free cash flow fell 2% to $556 million, even as total revenue advanced.
Chief Executive Christian Ulbrich said current business prospects and operating conditions supported the higher full-year adjusted EPS range, whose midpoint implies 37% growth. JLL said the planned repurchase is part of its long-term capital deployment strategy and expects it to push full-year share buybacks past $1 billion.
JLL filed a Form 8-K with the U.S. Securities and Exchange Commission on Oct. 28. The filing index lists Items 2.02, results of operations and financial condition, and 9.01, financial statements and exhibits; it identifies the earnings release as Exhibit 99.1, furnished with the filing. The release listed an earnings webcast for 9 a.m. ET on Oct. 28.
