* Net income up 61.5 percent
* Profit ex charges $1.94 vs analyst View $1.66
* Rev up 17 pct
* Shares close up 4.6 pct, unchanged after hours
(Adds analyst quote, earnings details, background, share
NEW YORK, Feb 1 Jones Lang LaSalle Inc (JLL.N),
one of the world's largest real estate services companies, said
earnings rose nearly 62 percent, boosted by a rebound in
commercial property sales and leasing, easily beating Wall
Commercial property, which was battered by the credit crisis
and global economic downturn, has staged a rebound, most recently
in the United States. Global sales of commercial property priced
$10 million or more rose 44 percent to $582.0 billion, with the
number of individual sales up 40 percent, according to Real
U.S. commercial property sales recorded the strongest
performance in three years. Sales of property in the U.S. more
than doubled to $134 billion, but was still just 29 percent of
deal activity seen in 2007, according to Real Capital Analytics.
Jones Lang LaSalle reported fourth-quarter net income of $84
million, or $1.91 per share, up from $52 million, or $1.19 per
share, in the year earlier quarter.
Adjusting for $2 million of restructuring and noncash charges,
Chicago-based Jones Lang LaSalle's profit was $86 million or $1.94
per share, easily beating the $1.66 per share analysts on average
had forecast according to Thomson Reuters I/B/E/S.
Jones Lang LaSalle's brokers bring together -- for a fee --
buyers and sellers of buildings as well as tenants and landlords.
Those fees typically generate the greatest profit margins. It also
arranges financing for those sales.
Results for the company and its chief rival, CB Richard Ellis
Group Inc (CBG.N), have been improving as the sector has rallied
since the 2009 fourth quarter, making the comparison for the 2010
fourth quarter more difficult.
"For JLL and likely CB, this proves that there's not much
slowing of growth," JMP Securities analyst Will Marks said.
Jones Lang LaSalle's fourth-quarter revenue reflected the
recovery, as revenue rose 17 percent to $956 million. Leasing
revenue rose 25 percent and sales-related revenue was up 50
percent. In the Americas, leasing jumped 30 percent and sales
revenue soared 156 percent.
Additionally, Jones Lang LaSalle oversees the property needs
of global companies and manages individual properties. It also has
a wholly owned investment management subsidiary, LaSalle
Investment Management, which has more than $41 billion of assets
Jones Lang LaSalle shares hit a 12-month intraday high of
$93.29 and closed up 4.6 percent, or $4.07, at $92.71. Shares were
unchanged in after-hours trade.
(Reporting by Ilaina Jonas; Editing by Phil Berlowitz)