Jones Lang's Q4 Earnings Beat Estimates, Revenues Rise Y/Y

Core Insights - Jones Lang LaSalle Incorporated (JLL) reported fourth-quarter 2024 adjusted earnings per share (EPS) of $6.15, exceeding the Zacks Consensus Estimate of $5.80 and up from $5.36 in the prior-year quarter [1][2] - The company achieved revenues of $6.81 billion, surpassing the Zacks Consensus Estimate of $6.48 billion, reflecting a 15.8% increase year-over-year [2] Financial Performance - For the full year 2024, JLL's adjusted EPS was $14.01, higher than the previous year's $10.39 and above the Zacks Consensus Estimate of $13.64 [3] - Total revenues for 2024 reached $23.43 billion, a 12.9% increase from the prior year, also exceeding the Zacks Consensus Estimate of $23.11 billion [3] Segment Performance - The Markets Advisory segment generated revenues of $1.33 billion, a 10.9% year-over-year increase, driven by leasing activities, particularly in the office sector across the U.S., India, and Greater China [4] - Property Management revenues grew due to expansion in the U.S. and Asia Pacific, attributed to higher pass-through costs, while management fees remained flat [5] - Capital Markets segment revenues were $706.4 million, up 31.5% year-over-year, led by Investment Sales and Debt/Equity Advisory, particularly in the U.S. and Asia Pacific [6] - Work Dynamics segment reported revenues of $4.56 billion, a 14.9% increase year-over-year, driven by strong performance in Workplace Management and Project Management [7] - LaSalle segment revenues increased by 39.3% year-over-year to $160.6 million, primarily due to higher incentive fees in Asia Pacific, despite a decline in advisory fees in Europe [8] - JLL Technologies segment revenues declined by 9.5% year-over-year to $59.3 million, attributed to lower contract signings in technology solutions [9] Balance Sheet - As of December 31, 2024, JLL had cash and cash equivalents of $416.3 million, down from $437.8 million at the end of the third quarter [11] - The net leverage ratio improved to 0.7 from 1.7 as of September 30, 2024, while corporate liquidity increased to $3.62 billion from $3.39 billion [11]