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Sep 30, 2023
JLL Q3 2023 Earnings Report
JLL's Q3 2023 financial results reflected a focus on diversifying its business, with resilient business lines expanding fee revenue amidst an industry-wide slowdown in investment sales and leasing transactions.
Key Takeaways
JLL reported Q3 2023 revenue of $5.1 billion, a 2% decrease in local currency, and operating income of $119.1 million. Diluted earnings per share were $1.23, and Adjusted diluted earnings per share were $2.01. The results reflected growth in resilient business lines offsetting a market-wide pullback in transaction activity.
Third-quarter revenue was $5.1 billion, down 2% in local currency, and fee revenue was $1.8 billion, down 13% in local currency.
Capital Markets was impacted by a dampened transaction market due to the rising interest rate environment.
Leasing, within Markets Advisory, declined across asset classes, notably in large-scale transactions amidst elevated economic uncertainty.
Work Dynamics achieved broad-based growth across all service lines as new contract wins ramped up.
Revenue by Segment
Forward Guidance
No specific forward guidance was provided in the release.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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