Parkway Properties Inc. (NYSE:PKY) delivered a profit and beat Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are up 1.98%.
Parkway Properties Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share decreased 23.26% to $0.33 in the quarter versus EPS of $0.43 in the year-earlier quarter.
Revenue: Rose 40.59% to $72.11 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Parkway Properties Inc. reported adjusted EPS income of $0.33 per share. By that measure, the company beat the mean analyst estimate of $0.27. It beat the average revenue estimate of $58.59 million.
Quoting Management: “As we continue to achieve critical mass in our target markets and drive leasing gains, we are beginning to realize the value inherent in our portfolio, as evidenced by our strong first quarter results,” stated James R. Heistand, President and Chief Executive Officer of Parkway. “Occupancy is now at 88.7% and improvements in operating efficiencies led to a 200 basis point increase in our NOI margin over the first quarter of last year. Our portfolio of well-located assets is strongly positioned in key submarkets within some of the country’s fastest growing cities, which should continue to drive value and improved cash flow for the remainder of 2013.”
Key Stats (on next page)…