JLL Reports Second-Quarter 2020 Results
Impact of COVID-19 pandemic reflected in top-line and bottom-line performance
CHICAGO, August 6, 2020 — Jones Lang LaSalle Incorporated (NYSE: JLL) today reported operating performance for the second quarter of 2020 with diluted earnings per share of $0.29 and adjusted diluted earnings per share1 of $0.71.
- Consolidated revenue was $3.7 billion and fee revenue1 was $1.2 billion, decreases of 13% and 22%, respectively
- Transaction-based service lines heavily impacted by pandemic
- Resilience of Property & Facility Management, led by Corporate Solutions, demonstrated the strength of globally-diversified platform
- LaSalle delivered stable advisory fees
- Significant debt reduction continued to underscore strong balance sheet and liquidity
- Receivables collection efforts in all segments drove impressive quarterly operating cash inflows
"Our second quarter top-line performance demonstrated the benefit of a globally diversified and integrated platform amidst unprecedented operating conditions. Next to the safety of our employees, we have focused our complete attention toward serving our clients during these challenging times, and maximizing the generation and preservation of cash," said Christian Ulbrich, JLL CEO. "Driving a $450 million reduction to net debt this quarter reinforced our financial strength and liquidity. We are well-positioned to withstand the impact of the pandemic and then resume our growth journey.”
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion in 2019, operations in over 80 countries and a global workforce of nearly 93,000 as of June 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.