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Sep 30, 2022
JLL Q3 2022 Earnings Report
JLL's operating performance was reported for the third quarter of 2022, with strong top-line performance in annuity-based businesses offsetting softness in Capital Markets.
Key Takeaways
JLL reported a 10% increase in revenue in local currency, driven by outsourcing wins and continued project management demand in Work Dynamics, and stable Markets Advisory fee revenue. However, the company experienced margin contraction due to higher compensation expense and increased T&E and marketing costs, along with a slowdown in Capital Markets volumes.
Revenue increased by 10% in local currency, reaching $5.2 billion.
Diluted earnings per share decreased to $2.88, compared to $4.57 in the prior-year quarter.
Work Dynamics fee revenue increased by 14%, driven by outsourcing wins and project management demand.
Capital Markets experienced a 5% decline due to lower market volumes and elongated deal cycles.
Revenue by Segment
Forward Guidance
The commercial real estate industry experienced a more rapid slowdown in Capital Markets volumes than was expected three months ago, with elongated deal cycles and widened bid-ask spreads. Work Dynamics continued to show strength with double-digit fee revenue growth, and JLL aims to leverage its global platform and industry expertise to serve clients during a more challenging macro-economic period.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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