Glimcher Realty Trust (NYSE:GRT) 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.
Glimcher Realty Trust Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased 33.33% to $0.16 in the quarter versus EPS of $0.12 in the year-earlier quarter.
Revenue: Rose 30.32% to $91 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Glimcher Realty Trust reported adjusted EPS income of $0.16 per share. By that measure, the company beat the mean analyst estimate of $0.15. It beat the average revenue estimate of $79.82 million.
Quoting Management: “We are pleased with the strong start in 2013,” stated Michael P. Glimcher, Chairman of the Board and CEO. “The first quarter marked continued progress against the Company’s strategic plan, adding University Park Village, a dominant retail asset in Fort Worth, Texas, strong execution related to the balance sheet and continued improvement in core fundamentals. We saw 4% growth in net operating income, double-digit re-leasing spreads and record sales per square foot. Additionally during the quarter, we closed on the modification of our corporate credit facility and delivered solid execution on several property financings and the recent preferred equity offering, further strengthening our balance sheet.”
Key Stats (on next page)…
Revenue decreased 0.88% from $91.81 million in the previous quarter. EPS decreased 20% from $0.20 in the previous quarter.
Looking Forward: Analysts have a more negative outlook for the company’s next-quarter performance. Over the past three months, the average estimate for next quarter’s earnings has fallen from a profit of $0.17 to a profit $0.16. For the current year, the average estimate has moved down from a profit of $0.74 to a profit of $0.69 over the last ninety days.
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(Company fundamentals provided by Xignite Financials. Email any earnings discrepancies to earnings [at] wallstcheatsheet.com)