Washington Real Estate Investment Trust Earnings: Here’s Why Investors Like These Results
Washington Real Estate Investment Trust (NYSE:WRE) 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%.
Washington Real Estate Investment Trust Earnings Cheat Sheet
Results: Adjusted Earnings Per Share decreased 2.08% to $0.47 in the quarter versus EPS of $0.48 in the year-earlier quarter.
Revenue: Rose 1.61% to $78.27 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Washington Real Estate Investment Trust reported adjusted EPS income of $0.47 per share. By that measure, the company beat the mean analyst estimate of $0.44. It beat the average revenue estimate of $74.38 million.
Quoting Management: “Improving real estate fundamentals have continued into the second quarter of the year,” said George F. “Skip” McKenzie, President and Chief Executive Officer of WRIT. “The capital expenditures and renovations made to our office portfolio in late 2012 and the first quarter of 2013 have resulted in steady improvement in leasing volume, rental rate growth, and increased occupancy.”
Key Stats (on next page)…
Revenue increased 1.44% from $77.16 million in the previous quarter. EPS increased 2.17% from $0.46 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 $0.45 to a profit $0.44. For the current year, the average estimate has moved down from a profit of $1.83 to a profit of $1.79 over the last ninety days.