American Campus Communities Earnings: Here’s Why the Stock is Rising Now
American Campus Communities Inc. (NYSE:ACC) delivered a profit and missed Wall Street’s expectations, AND came up short on beating the revenue expectation. The revenue miss is a negative sign to shareholders seeking high growth out of the company. Shares are up 0.26%.
American Campus Communities Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased 8.16% to $0.53 in the quarter versus EPS of $0.49 in the year-earlier quarter.
Revenue: Rose 45.69% to $154.4 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: American Campus Communities Inc. reported adjusted EPS income of $0.53 per share. By that measure, the company missed the mean analyst estimate of $0.56. It missed the average revenue estimate of $158.53 million.
Quoting Management: “We are pleased that our summer marketing efforts and previously announced rental rate adjustments have continued to accelerate our leasing velocity. We are now projecting a fall 2013 same store occupancy range of 95.5 to 98.5 percent, as compared to a fall 2012 occupancy of 96.8 percent, along with rental rate growth of 1.1 percent,” said Bill Bayless, American Campus CEO.
Key Stats (on next page)…