BRE Properties Inc. (NYSE:BRE) delivered a profit and missed Wall Street’s expectations, BUT beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company.
BRE Properties Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased 1.75% to $0.58 in the quarter versus EPS of $0.57 in the year-earlier quarter.
Revenue: Rose 2.76% to $100.9 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: BRE Properties Inc. reported adjusted EPS income of $0.58 per share. By that measure, the company missed the mean analyst estimate of $0.59. It beat the average revenue estimate of $100.23 million.
Quoting Management: “We are pleased with the progress we have achieved in executing our strategic initiatives so far in 2013,” commented Constance B. Moore, Chief Executive Officer of BRE Properties. “During the first quarter, we completed the disposition of $47 million of interests in non-core communities; delivered the first homes at our Mercer Island development as planned; and commenced construction of our Mission Bay community in San Francisco. As we move forward, we remain focused on our key initiatives: maximizing the operating performance of our portfolio, and successfully executing on our development and strategic disposition programs. We believe this strategy preserves our balance sheet strength while improving our portfolio quality, which should position BRE to generate strong sustainable returns in the coming years.”
Key Stats (on next page)…