This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Jones Lang LaSalle Incorporated Management Discusses Q2 2012 Results - Earnings Call Transcript

At this time, I would like to turn the call over to Mr. Colin Dyer, Chief Executive Officer for opening remarks. Please go ahead, sir.

Colin Dyer

Thank you, operator, and hello, welcome to everyone joining this review of our results for the second quarter and first half of 2012. Joining me on the call today in Washington D.C. is Lauralee Martin, our Chief Operating and Financial Officer. Lauralee will review our performance in detail for you in a few minutes.

To summarize our results, we recorded a steady performance in a cautious market environment. Second quarter revenue totaled $921 million, up 9% in U.S. dollars and 13% in local currency from the second quarter of 2011. Year-to-date revenue increased to $1.7 billion, 13% higher than the first 6 months of 2011 and a 16% increase in local currency terms. For the quarter, we reported adjusted net income of $51 million, or $1.13 per share, compared with $50 million or $1.12 a share 1 year ago. First half adjusted net income was $73 million, or $1.63 a share, compared with $51 million or $1.15 per share for the first 6 months of 2011.

Before Lauralee discusses those results in detail, let me first put them in context by talking about conditions in the global economy and in real estate markets in particular around the world. Prospects for growth in the global economy weakened during the second quarter, as U.S.-earned problems in particular continued to weigh. According to IHS Global Insight, the global economy is now expected to grow 2.4% in 2012, marginally below earlier estimates. As deleveraging continues, growth in advanced economies is expected to be 1.3% for the year. Prospects for emerging markets are lower than last year, but growth is still projected to be at 5% year-on-year.

Turning to global real estate markets, the investment market rebounded in the second quarter following a relatively quiet first quarter, and office leasing activity also improved seasonally, compared with the first 3 months of the year. Both, however, are being affected by caution driven by economic concerns so the tone of the market is less confident than 6 months ago.

2 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 17,757.91 +138.40 0.79%
S&P 500 2,077.42 +14.31 0.69%
NASDAQ 5,013.1230 +26.2560 0.53%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs