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Jones Lang LaSalle reports earnings shortfall

CHICAGO - Jones Lang LaSalle has reported a second-quarter net loss of $37.7 million, or $1.62 per share, on revenue of $179.1 million for the quarter ended June 30. JLL chairman & CEO Stuart Scott warned of expected lower earnings on July 8.

"... although most of our businesses around the world are performing well, our expectations for some of our U.S. businesses were too optimistic, particularly given the inevitable distractions of our two major mergers since October 1998," says Scott. "As a result of these distractions, we did not achieve the new business activity levels we anticipated, nor did we capture the synergies and cost efficiencies of the Compass acquisition and the rollout of our J.D. Edwards information technology system as quickly as we had expected."

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