Pennsylvania Real Estate Investment Trust (NYSE:PEI) 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.
Pennsylvania Real Estate Investment Trust Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased 2.33% to $0.44 in the quarter versus EPS of $0.43 in the year-earlier quarter.
Revenue: Decreased 5.04% to $105.98 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Pennsylvania Real Estate Investment Trust reported adjusted EPS income of $0.44 per share. By that measure, the company beat the mean analyst estimate of $0.43. It beat the average revenue estimate of $71.81 million.
Quoting Management: “We are off to a strong start in 2013,” said Joseph F. Coradino, Chief Executive Officer. “During the first quarter, we delivered strong operating results, increased the dividend on our common shares, refinanced property-level debt at lower interest rates, disposed of non-core assets improving the quality of our portfolio and, last week, refinanced our credit facility on highly favorable terms.”
Key Stats (on next page)…
Revenue increased 8.36% from $97.8 million in the previous quarter. EPS decreased 13.73% from $0.51 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 $0.38 to a profit $0.43. For the current year, the average estimate has moved up from a profit of $1.84 to a profit of $1.96 over the last ninety days.