Jones Lang LaSalle Incorporated (NYSE:JLL) Q3 2019 Earnings Conference Call Transcript
Nov 05, 2019 • 09:00 am ET
Good morning. At this time I would like to welcome everyone to the Jones Lang Lasalle Inc. Third Quarter Earnings Conference Call. [Operator Instructions] I would now like to turn the conference over to Chris Stent Executive Managing Director of Investor Relations. Please go ahead.
Christopher D. Stent
Thank you and good morning and welcome to our third quarter 2019 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 along with the slide presentation intended to supplement our prepared remarks. Please visit ir.jll.com. 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 to GAAP in our earnings release and supplemental slides. As a reminder today's call is being webcast live and recorded. The transcript of this conference call will also be posted on our website. Any statements made about future results and performance 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 2018 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 President and Chief Executive Officer for opening remarks.
Thank you Chris. I'd like to welcome everyone to this review of our results for the third quarter and first nine months of 2019. Stephanie Plaines our CFO will share details of our performance following my introductory remarks. In summary we had an excellent third quarter at JLL with very strong growth in fee revenue adjusted EBITDA and adjusted earnings per share all increasing by double-digit percentages. Fee revenue totaled $1.8 billion for the quarter a 16% increase in local currency above the third quarter a year ago. Adjusted EBITDA reached $300 million for the quarter compared with $234 million a year ago a 29% increase in local currency. And adjusted diluted earnings grew $3.52 per share 18% higher in local currency than in Q3 2018.
These excellent results are a product of strong organic growth combined with robust performance from our recent HFF acquisition. To put our performance into context real estate fundamentals are solid amid cautious global backlog. The recurring theme of slowing growth is reflected in a global GDP forecast of 2.9% for 2019 still relatively healthy but below the levels of recent years. With regard to the real estate market conditions slide three shows activity in global investment volumes and leasing gross absorption. Global investment volumes increased 13% in the quarter bringing year-to-date totals to $205 billion level with the same period in 2018. With the volume of yet-to-be-deployed capital helped by funds near all-time highs investors though increasingly cautious and selective remain keen to access the sector. Leasing volumes remained healthy