Jones Lang LaSalle(JLL) ZACKS·2024-09-05 16:36Core Viewpoint - Jones Lang LaSalle (JLL) reported strong second-quarter earnings, with adjusted EPS of 2.12 to 5.63 billion, an 11.4% increase from the previous year, surpassing the Zacks Consensus Estimate of 1.08 billion, up 5.2% year-over-year, primarily due to growth in Leasing across various regions, especially in the United States, Greater China, India, and Germany [3]. - The Capital Markets segment reported revenues of 3.93 billion, a significant 16.6% increase year-over-year, driven by strong performance in Workplace Management and Project Management [6]. - Conversely, the JLL Technologies segment experienced a revenue decline of 6.9% to 102.6 million, primarily due to decreased incentive and advisory fees linked to lower assets under management (AUM) [8]. Assets Under Management - As of June 30, 2024, LaSalle's AUM was 93.2 billion a year prior, influenced by dispositions, withdrawals, and valuation decreases [9]. Balance Sheet - JLL ended Q2 2024 with cash and cash equivalents of 396.7 million at the end of Q1 2024 [10]. - The net leverage ratio improved to 1.7 from 1.9 in Q1 2024, indicating better financial health [10]. - The company repurchased 103,701 shares for 1.053 billion remaining authorized for future repurchases [11]. Market Outlook - There has been an upward trend in estimates revisions for JLL, with a Zacks Rank of 3 (Hold), suggesting an expectation of in-line returns in the coming months [12][14]. - JLL's VGM Score is A for growth and momentum, and B for value, placing it in the top 40% for investment strategies [13]. Industry Comparison - In the same industry, CBRE Group reported revenues of 0.81 [15]. - CBRE is expected to post earnings of $1.06 per share for the current quarter, indicating a year-over-year change of 47.2% [16].