Nov 2 (Reuters) - Jones Lang LaSalle Inc , one of the world's largest real estate service companies, reported quarterly earnings that beat Wall Street expectations, citing increased market share and an acquisition in Europe.
Third-quarter net income slipped to $34 million, or 76 cents per share, from $37 million, or 84 cents per share in the year-earlier quarter, the company
discount nfl jerseys said on Wednesday.
Stripping out charges for restructuring, its $319 million acquisition of property consultancy King Sturge and other one-time items, profit rose to $50 million, or $1.12 per share, from $38 million, or 86 cents per share, a year earlier.
Analysts on average had expected the Chicago-based company to earn $1.08 per share, according to Thomson Reuters I/B/E/S.
Jones Lang LaSalle, whose business includes property management, sales, leasing and financing, said quarterly revenue rose 28 percent to $903.2 million in the quarter ended Sept. 30, surpassing analysts expectations of $857.3 million.
cheap nfl jerseys free shippingJones Lang LaSalle and rival CBRE Group both gained market share during the quarter, most likely at the expense of smaller companies that cannot compete for global customers, JMP Securities analyst Will Marks said.
Stripping out acquisition-related charges, margins were flat, but Marks attributed that to the company's expansion.
"I think what they're doing, they're hiring people and opening offices. When you hire people they don't produce revenue right away. They're taking a chance that the economy is going have a nice expansion from here," Marks said.
Global real estate leasing and investment staged a strong rebound in the first half of the year.
But those businesses have slowed since then as worries intensified over the state of the world economy.
Leasing revenue rose 20 percent from a year earlier, while
Cheap NFL Jerseys brokerage and hotel revenue increased 50 percent.
Expenses, excluding acquisition-related costs rose 24 percent, reflecting higher compensation and benefits related to higher transaction revenue.
In the Americas, revenue rose 22 percent to $379 million. In Europe, the Middle East and Africa revenue rose 46 percent to $247 million, while revenue from Asia rose 22 percent to $201 million.
Shares of Jones Lang LaSalle closed at $64.51, up 3.6 percent before the company released its results.
Fri Nov 18, 2011 9:13 am by lujinyu
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