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)…
Revenue increased 17.19% from $61.53 million in the previous quarter. EPS increased 22.22% from $0.27 in the previous quarter.
Looking Forward: Analysts have a neutral outlook for the company’s next-quarter performance. Over the past three months, the average estimate for next quarter’s earnings is a profit of $0.32 and has not changed. For the current year, the average estimate has moved up from a profit of $1.22 to a profit of $1.24 over the last ninety days.
Stocks with improving earnings metrics are worthy of your extra attention. In fact, “E = Earnings Are Increasing Quarter-Over-Quarter” is a core component of our CHEAT SHEET investing framework for this very reason. Don’t waste another minute – click here and get our CHEAT SHEET stock picks now.
(Company fundamentals provided by Xignite Financials. Email any earnings discrepancies to earnings [at] wallstcheatsheet.com)