Tuesday, Jones Lang LaSalle Inc. (JLL), an integrated financial and professional services firm, reported a rise in profit for the third quarter compared to last year despite a decline in revenues.
The Chicago-based company's net income attributable to common shareholders for the quarter increased to $20 million or $0.46 per share from $15 million or $0.43 per share in the same quarter last year.
Adjusted net income, including $4 million of restructuring charges and $4 million of non-cash co-investment charges, was $27 million or $0.61 per share for the quarter.
Analysts polled by Thomson Reuters expected the company to report earnings of $0.59 per share for the quarter. Analysts' estimates typically exclude one-time items. Revenue for the quarter declined 9% to $595.3 million from $677.08 million in the year-ago quarter. Analysts estimated revenue of $610.56 million for the quarter.
In its Europe-Middle East-Asia division, revenue dropped 26% to $154 million, while in the Americas region revenues declined 6% to $239 million. In the Asia-Pacific region revenue increased 2.3% to $136 million.
Total operating expense for the quarter declined to $550.67 million from $643.60 million in the year-ago period. Operating income increased to $44.62 million from $33.47 million in the year-ago period. For the nine-months, Jones Lang reported net loss of $56.13 million or $1.50 per share, compared with net profit of $42.35 million or $1.25 per share in the prior-year. Revenue declined to $1.66 billion from $1.90 billion last year.
The company also announced that its board declared a semi-annual dividend of $0.10 per share of its common stock payable on December 15, 2009, to holders of record at the close of business on November 13, 2009.
JLL closed Tuesday's regular trading at $50.59,up $0.08 or 0.16% on a volume of 0.86 million shares on the NYSE.
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