Jones Lang LaSalle Incorporated (NYSE:JLL) Q4 2018 Earnings Conference Call Transcript
Feb 12, 2019 • 09:00 am ET
Good day, and thank you for standing by. Welcome to the Jones Lang LaSalle Incorporated Fourth Quarter 2018 Earnings Conference Call. For your information, this conference call is being recorded.
I would now like to turn the conference over to Grace Chang, Managing Director of Investor Relations. Please go ahead.
Grace T. Chang
Thank you, operator. Good morning and welcome to our fourth quarter 2018 conference call for Jones Lang LaSalle Incorporated. Earlier this morning, we issued our earnings release, which is available on the Investor Relations section of our website, ir.jll.com, along with a slide presentation intended to supplement our prepared remarks.
During the call, we will reference certain non-GAAP financial measures, which we believe provide useful information for investors. We include reconciliations of non-GAAP financial measures where appropriate to GAAP in our earnings release and supplemental slides. As a reminder, today's call is being webcast live and recorded. A transcript of this conference call will also be posted on our website.
Any statements made about future results and performance or about plans, expectations and objectives are forward-looking statements. Actual results and performance may differ from those forward-looking statements as a result of factors discussed in the annual report on Form 10-K of the fiscal year ended December 31, 2017, and in other reports filed with the SEC. The company disclaims any undertaking to publicly update or revise any forward-looking statements.
And with that, I would like to turn the call over to Christian Ulbrich, our Chief Executive Officer, for opening remarks.
Thank you, Grace, and welcome to all of you joining this review of our 2018 results for the fourth quarter and full year. Our Chief Administration Officer and Interim CFO, Trish Maxson is also with us, and she will discuss details of our financial results in a few minutes.
Let me start by summarizing our performance. We had a record quarter and full year, the product of outstanding performance particularly in our leasing business, corporate solutions and at LaSalle. Revenue and fee revenue both achieved record levels, increasing 13% in US dollars for the quarter and full year. Revenue totaled $4.9 billion for the quarter and $16.3 billion for the full year. Fee revenue reached $2.1 billion for the quarter and $6.5 billion for the year. We produced strong diversified growth in real estate services led by leasing, with revenues up 16% year-on-year compared with a 5% increase for the market as a whole. Within corporate solutions, the tremendous effort and focus to accelerate top line growth and more importantly expand margins, reflects strong progress and continued momentum. On top of our record performance in our real estate services business, LaSalle also had an exceptional year and earned record incentive fees of $216 million.
Adjusted net income reached $276 million for the quarter, up from $208 million, and $563 million for the year compared with $426 million in 2017. Adjusted diluted earnings per share were $5.99 per share for the quarter, up from $4.53 a year ago. For the full year,