WASHINGTON (dpa-AFX) - Jones Lang LaSalle Inc. (JLL) reported that its fourth-quarter net income attributable to common shareholders increased to $106.83 million or $2.38 per share, from $84.77 million or $1.91 per share in the same quarter last year.
Adjusted net income for the quarter was $117.1 million or $2.60 per share, compared to $113.6 million or $2.56 per share in the year ago quarter. Analysts polled by Thomson Reuters expected the company to report earnings of $2.61 per share for the quarter. Analysts' estimates typically exclude special items.
Fourth-quarter fee-based operating expenses excluding restructuring and acquisition charges were $1.0 billion, up 8 percent from $928 million last year. The majority of the increase was due to increases in variable compensation, notably bonus and commission expense, as several of the firm's businesses reached higher bonus and commission hurdles in the fourth quarter, particularly in the United States.
Revenues for the quarter rose to $1.25 billion from $1.15 billion in the prior year quarter. Five analysts had consensus revenue estimate of $1.21 billion for the quarter.
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