Brookfield Properties Corporation (NYSE:BPO) delivered a profit and beat Wall Street’s expectations, BUT came up short on beating the revenue expectation. The revenue miss is a negative sign to shareholders seeking high growth out of the company.
Brookfield Properties Corporation Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased 22.22% to $0.33 in the quarter versus EPS of $0.27 in the year-earlier quarter.
Revenue: Decreased 16.02% to $566 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Brookfield Properties Corporation reported adjusted EPS income of $0.33 per share. By that measure, the company beat the mean analyst estimate of $0.3. It missed the average revenue estimate of $611.19 million.
Quoting Management: “The first quarter of 2013 marked a new phase of growth for Brookfield Office Properties as we advanced two major developments in our largest markets: Manhattan West in New York and the second phase of Bay Adelaide Centre in Toronto,” stated Dennis Friedrich, chief executive officer of Brookfield Office Properties. “The quarter also saw tenants beginning to transact with more confidence, which is exemplified by our strong leasing results.”
Key Stats (on next page)…