Jones Lang LaSalle on Finances, Chicago Jobs
Posted on October 26, 2010
Jones Lang LaSalle has released their quarterly report on Chicago jobs and their finances.
Jones Lang LaSalle, the leading integrated financial and professional services firm specializing in real estate, today reported net income of $37 million on a U.S. GAAP basis, or $0.84 per share, for the quarter ended September 30, 2010. This compares with net income of $20 million on a U.S. GAAP basis, or $0.46 per share, for the quarter ended September 30, 2009. Adjusting for Restructuring and certain non-cash co-investment charges in the third quarter of 2010, net income would have been $38 million, or $0.86 per share, compared with adjusted net income of $27 million, or $0.61 per share, in 2009.
The firm’s adjusted earnings before interest, taxes, depreciation and amortization (“adjusted EBITDA”) were $79 million for the third quarter of 2010 compared with adjusted EBITDA of $66 million for the same period in 2009. Revenue for the third quarter of 2010 was $708 million, compared with $595 million in the third quarter of 2009, an increase of 19 percent in U.S. dollars, 20 percent in local currency.
On a year-to-date basis net income was $69 million, or $1.57 per share, compared with a net loss of $56 million, or $1.50 per share, for the first nine months of 2009. Adjusted EBITDA on a year-to-date basis was $194 million compared with adjusted EBITDA of $126 million in 2009. Revenue for the first nine months of 2010 was $2.0 billion, compared with $1.7 billion in 2009, an increase of 18 percent, 17 percent in local currency.
Third-Quarter 2010 Highlights:
Steady, broad-based revenue improvement continues
Leasing revenue up 36 percent in local currency
Corporate outsourcing growth continues driven by new wins
Semi-annual dividend declared
Results included less than $1 million of Restructuring charges in the third quarter of 2010, compared with $4 million in 2009. Third-quarter results also included approximately $1 million of non-cash co-investment impairment charges, compared with $4 million in 2009. Restructuring charges are excluded from segment operating results although they are included for consolidated reporting. Non-cash co-investment impairments are included in Equity earnings (losses) at the consolidated and segment reporting levels.
On a year-to-date basis, results included $6 million of Restructuring charges, compared with $37 million in 2009, and $10 million of co-investment impairment charges compared with $48 million in 2009.
“We strengthened our market positions and expanded businesses around the world, with healthy revenue growth in both our transactional and annuity businesses,” said Colin Dyer, Chief Executive Officer of Jones Lang LaSalle. “We posted solid results in the third quarter, as the broad market recovery continued.”