JLL - Jones Lang LaSalle Q2 earnings surpass consensus on strong fee revenues

Jones Lang LaSalle ( NYSE: JLL ) Q2 earnings on Wednesday came in stronger than expected as most of its business lines generated double-digit fee revenue growth.

Shares of the real estate firm are ticking up 0.1% in premarket trading.

Adjusted EPS of $4.48 at the end of June exceeded the average analyst estimate of $4.30 and climbed from $4.20 in the year-ago period.

Revenue of $5.28B at June 30 breezed past the consensus of $2.10B and rose from $4.5B at June 30, 2021.

Fee revenue for Q2 totaled $2.14B compared with $1.8B in Q2 of last year.

Q2 adjusted EBITDA was $359.0M, up from $332.4M a year ago.

Free cash flow of $136.7M, though, fell from $180.5M in Q2 2021.

Work Dynamics, the company's largest segment by revenue, took in $3.3B at June 30 vs. $2.8B at June 30, 2021, mostly driven by higher project demand which is approaching pre-pandemic levels.

Its Markets Advisory business generated $1.12B in Q2, up from $951.3M in Q2 of last year, led by Leasing fee revenue, due to increases in average deal size and volume over the prior-year quarter.

At the beginning of August, JLL secured $585M financing for mixed-use development in Boston .

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