Mid-America Apartment Communities Earnings: Here’s Why the Stock is Down Now

Mid-America Apartment Communities Inc. (NYSE:MAA) 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 down 0.54%.

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Mid-America Apartment Communities Inc. Earnings Cheat Sheet

Results: Adjusted Earnings Per Share increased 11.61% to $1.25 in the quarter versus EPS of $1.12 in the year-earlier quarter.

Revenue: Rose 12.07% to $133.2 million from the year-earlier quarter.

Actual vs. Wall St. Expectations: Mid-America Apartment Communities Inc. reported adjusted EPS income of $1.25 per share. By that measure, the company beat the mean analyst estimate of $1.19. It beat the average revenue estimate of $131.37 million.

Quoting Management: Eric Bolton, Chairman and Chief Executive Officer, said, “Results for the first quarter were at the top end of our expectations and is the highest quarterly FFO per share performance in our company’s history. As we head into the busy summer leasing season, we believe the leasing environment this year will support continued steady rent growth and results that will exceed historical averages. And while we expect the increasing level of new apartment construction will generate some moderation from last year’s record result, steady improvement in the employment market and resulting new household formations should offset most of this pressure and enable another year of solid performance.”

Key Stats (on next page)…

Revenue increased 1.84% from $130.79 million in the previous quarter. EPS increased 3.31% from $1.21 in the previous quarter.

Looking Forward: Analysts have a more positive outlook for the company’s next-quarter performance. Over the past three months, the average estimate for next quarter’s earnings has risen from a profit of $1.2 to a profit $1.22. For the current year, the average estimate has moved up from a profit of $4.81 to a profit of $4.86 over the last ninety days.

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(Company fundamentals provided by Xignite Financials. Email any earnings discrepancies to earnings [at] wallstcheatsheet.com)