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JLL nearly doubles Q2 profit on leasing rebound and capital markets strength
Net income rose 92% to $215.6 million as adjusted EPS increased 59% to $5.26, and JLL repurchased $110 million in shares during the quarter.
JLL nearly doubled its second-quarter net income, reporting $215.6 million, up 92% year over year, as a rebound in sales and leasing helped drive results, Bisnow reported. The company said leasing revenue climbed 24% and capital markets revenue rose 19%, supporting a 11% increase in total revenue to $6.9 billion. Adjusted earnings per share rose 59% to $5.26, and JLL repurchased $110 million of its shares in the quarter. JLL also raised its annual earnings guidance, increasing the midpoint by 14 percentage points, following the stronger quarterly performance. The firm said it expects continued deal momentum despite macroeconomic and geopolitical uncertainty, and noted it has not seen clients move to the sidelines. Looking ahead, JLL said rent growth for prime office assets was 4.3%, while office leasing activity was flat globally versus the prior two years at 10 million square feet. The company added that conflict in the Middle East has not yet hit its pipeline immediately, though some deals have been taking longer to close.