JLL reported higher third-quarter revenue and profit on October 28 and said it intends to launch a $500 million accelerated share repurchase, according to its results release.
Revenue for the quarter ended September 30 reached $7.281 billion, compared with $6.510 billion a year earlier. The company reported growth of 12% in both dollars and local currencies.
Diluted earnings rose 49% in dollars to $6.85 per share. Adjusted diluted earnings increased 50% to $6.76, while adjusted earnings before interest, taxes, depreciation and amortization reached $460.2 million, up 33%.
Leasing Advisory revenue grew 27% in local currencies, led by U.S. industrial, office and data center activity. Capital Markets Services increased 21%, while Real Estate Management Services grew 9% on the same basis.
Reported operating income rose to $391 million from $273.7 million. JLL attributed profit growth and margin expansion largely to higher revenue and operating leverage.
The planned accelerated buyback would bring full-year repurchases above $1 billion. The announcement describes an intended transaction, rather than a completed purchase. Adjusted earnings supplement standard accounting results.
Sources: JLL third-quarter results release.