Shares of Jones Lang decline on lower revenue

Shares of Jones Lang fall after report of lower revenue in third quarter

• On 2:59 pm EDT, Wednesday October 28, 2009

CHICAGO (AP) -- Shares of Jones Lang LaSalle Inc. were down Wednesday after the real estate services firm said its revenue fell in the third quarter.

Jones Lang shares slid $3.37, or nearly 7 percent, to $47.24 in afternoon trading. Despite the lower revenue, the company on Tuesday posted a higher profit largely as a result of cost cutting measures.

For the three months ending Sept. 30, the company earned $19.8 million, or 46 cents per share. That was up 32 percent from $15 million, or 43 cents per share, in the year-ago period.

The results included $4 million of restructuring charges, primarily related to layoffs and the integration of companies acquired in 2008. There was also a $4 million co-investment charge, primarily for impairments on investments in real estate ventures.

Not including restructuring and investment charges, profit was $27 million, or 61 cents per share.

Quarterly revenue was $595.3 million, down 12 percent from $677.1 million last year.