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Jones Lang LaSalle (JLL) Q1 Earnings Beat, Decrease Y/Y

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Jones Lang LaSalle Inc. (JLL - Free Report) which shortened its name to “JLL”, reported first-quarter 2017 adjusted earnings of 45 cents per share, beating the Zacks Consensus Estimate of 38 cents. However, the bottom line came in lower than the first-quarter 2016 adjusted earnings of 82 cents per share.

The quarter reflected robust growth in revenues and rise in market share.

Revenues in the quarter came in at around $1.62 billion, surpassing the Zacks Consensus Estimate of $1.45 billion. Revenues were up 20.8% year over year. Fee revenues increased 21.3% year over year to $1.36 billion.

Revenue Growth

During the quarter, fee revenues from the Americas were $678.4 million, denoting a year-over-year increase of 22%. Fee revenues in the EMEA (Europe, the Middle East and Africa) region grew 40% year over year to $359.7 million, while that in the Asia-Pacific region increased 14% year over year to $233.6 million.

Revenues from LaSalle Investment Management segment declined 12% year over year to $88.2 million. At the end of the first quarter, assets under management were $58 billion, down from $60.1 billion at the end of the prior quarter.

Liquidity

JLL enjoys credit facility of $2.75 billion with the maturity date of Jun 2021.

JLL exited the quarter with cash and cash equivalents of $223.1 million, down from $240.4 million as of Dec 31, 2016. At the end of the first quarter, the company’s net debt was $1.49 billion, reflecting an increase of $1.27 million from the prior-quarter end.

Our Viewpoint

JLL’s diversified product & services range, extensive knowledge of domestic & international real estate markets and a spate of strategic investment activities will aid its growth momentum. However, stiff competition and uncertainty in certain global economies remain concerns.

Currently, JLL carries a Zacks Rank #5 (Strong Sell).

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Some real estate companies which are expected to report results later this week include Mack-Cali Realty Corporation , Regency Centers Corporation (REG - Free Report) and Farmland Partners Inc. (FPI - Free Report) .

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