Jones Lang LaSalle Incorporated (NYSE:JLL) Q1 2015 Earnings Conference Call - Final Transcript
Apr 27, 2015 • 07:00 am ET
Good day and welcome to the First Quarter 2015 Earnings Release Conference Call for Jones Lang LaSalle Incorporated. Today's call is being recorded. Any statements made about future results and performance or about plans, expectations or objectives are forward-looking statements. Actual results and performance may differ from those included in the forward-looking statements as a result of factors discussed in the Company's Annual Reports on Form 10-K for the fiscal year ended December 31, 2014, and in other reports filed with the SEC. The Company disclaims any undertaking to publicly update or revise any forward-looking statements. A transcript of this call will be posted and available on the Company's website. A web audio replay will also be available for download. Information and the link can be found on the Company's website.
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.
Thank you, operator, and welcome to everyone joining this review of our results for the first quarter of 2015. I'm in London today and Christie Kelly, our CFO, is in Chicago. Christie will review our financial highlights in detail in a few minutes. But to summarize our results, we had a great first quarter, continuing to build on the momentum we gained throughout last year. We saw strong revenue growth across all service lines and geographies. In the US, for example, 13 of 16 markets recorded double-digit revenue increases, contributing to 25% overall revenue growth for the region.
EMEA turned in 25% revenue growth in local currency, 8% in US dollars. Asia Pacific also had a very good quarter, particularly in India where I was last week, and in Australia and Japan. LaSalle Investment Management continued to deliver outstanding performances to its investor clients and raised $2 million of equity commitments during the quarter.
Our Corporate Solution segment continued its solid win performance, reflecting disciplined decisions about the opportunities we chose to pursue. These results continued the momentum of an equally fourth quarter 2014. Adjusted earnings per share for the two quarters combined increased 44% above the prior period.
It is worth noting that our five-year compound annual growth rate is 14% in fee revenue and 21% in EBITDA. This is the result of our consistent, decade-long policy of capital and revenue investment to drive long-term growth and profitability. Our balance sheet remained strong and we increased our dividend to $0.27 per share. So there is good momentum across our business, with our people driving broad market share gains and producing a very good start to the year.
Our results came in an environment of generally steady economic growth with global GDP expected to increase by 3.4% this year. There is a sense of calm confidence in most real estate markets worldwide with further upside anticipated in many of them during the year.
The Slides that we've posted in the Investor Relations section of jll.com summarize current market conditions. Slide 2 shows global capital markets