Standard Parking Corp. (NASDAQ:STAN) 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. Shares are down 0%.
Standard Parking Corp. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share decreased 57.69% to $0.11 in the quarter versus EPS of $0.26 in the year-earlier quarter.
Revenue: Rose 11.13% to $210.53 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Standard Parking Corp. reported adjusted EPS income of $0.11 per share. By that measure, the company missed the mean analyst estimate of $0.14. It beat the average revenue estimate of $205.36 million.
Quoting Management: James A. Wilhelm, President and Chief Executive Officer, stated, “I’m pleased with a strong first quarter in which our results exceeded our internal expectations. Even though sequential gross profit was down, consistent with the fact that the first calendar quarter is traditionally the weakest of the year, we achieved a significant sequential reduction in expenses, driven primarily by integration synergies, and our reported first quarter EBITDA virtually doubled as compared to last year. We continue to expect to realize additional synergies not originally anticipated when we announced the merger. We’re making rapid progress with the Central Parking integration and remain on track with our internal timeline. Throughout the next few quarters, the collaboration between our teams will focus on identifying new growth opportunities while further improving our operational efficiency.”
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