JLL reports Q4 adjusted EPS $4.23, consensus $3.74

Reports Q4 fee revenue $2.2B, consensus $2.08B. Q4 total revenue on local currency was up 4% vs. $5.6B last year to $5.9B. “JLL‘s Q4 and full-year 2023 operating results reflected strong growth within our resilient business lines in the face of the market-wide pullback in transaction activity and elevated geopolitical uncertainty. With a focus on operating efficiency, we drove improved cash generation while continuing to invest in our platform,” said CEO Christian Ulbrich. “As business confidence globally begins to improve alongside greater stability in interest rates, we expect transaction activity will pick up over the course of the year. Our global platform, industry insights and people uniquely position us to seize significant growth opportunities across the commercial real estate industry in the coming years while continuing to provide exceptional service to our clients.”