Jones Lang LaSalle Incorporated (JLL) reported significant financial performance improvements for the three and nine months ended September 30, 2024, compared to the same periods in 2023. Total revenue for Q3 2024 reached $5,868.8 million, a 15% increase from $5,111.4 million in Q3 2023. For the nine months, revenue rose to $16,622.0 million, up 12% from $14,879.4 million in the prior year. This growth was driven by strong performance in the Markets Advisory and Work Dynamics segments, with Markets Advisory revenue increasing 15% to $1,143.8 million and Work Dynamics revenue rising 16% to $4,068.2 million in Q3 2024.
Operating income for Q3 2024 was $228.3 million, a substantial 92% increase from $119.1 million in Q3 2023. For the nine-month period, operating income grew to $494.9 million, up 73% from $286.1 million in the same period last year. Adjusted EBITDA also saw significant growth, reaching $298.1 million for Q3 2024, a 37% increase year-over-year, and $731.5 million for the nine months, up 32% from $555.3 million in 2023.
The company’s total current assets increased to $8,406.7 million as of September 30, 2024, compared to $6,857.0 million at the end of 2023. Total assets rose to $17,817.2 million, up from $16,064.8 million. However, total current liabilities also increased to $8,028.0 million from $6,446.1 million, contributing to a rise in total liabilities to $11,048.2 million from $9,654.9 million.
JLL completed a strategic acquisition of SKAE Power Solutions in Q2 2024 for $40.8 million, with additional contingent payments. This acquisition is expected to enhance the Work Dynamics segment. The company also repurchased 297.9 thousand shares for $60.3 million during the nine months ended September 30, 2024, compared to 262.5 thousand shares for $40.1 million in the same period of 2023.
Despite the positive financial results, JLL faced challenges in its JLL Technologies segment, where revenue declined by 4% in Q3 2024 to $56.7 million, and by 8% for the nine months to $167.0 million. The decline was attributed to lower contract signings in service offerings, although there was growth in software offerings.
Overall, JLL's financial performance reflects a robust recovery and strategic growth, particularly in its core business segments, while navigating challenges in specific areas.
About JONES LANG LASALLE INC
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