Associated Estates Realty Earnings: Net Income Rises
Associated Estates Realty Corporation (NASDAQ:AEC) reported its results for the second quarter. Associated Estates Realty is a fully integrated multifamily real estate company engaged in property acquisition, advisory, development, construction, management, disposition, operation, and ownership activities.
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Associated Estates Realty Corporation Earnings Cheat Sheet
Results: Net income for Associated Estates Realty Corporation rose to $13.7 million (32 cents per share) vs. $11.2 million (27 cents per share) in the same quarter a year earlier. This marks a rise of 22.8% from the year-earlier quarter.
Revenue: Rose 0.7% to $42.3 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Associated Estates Realty Corporation fell short of the mean analyst estimate of 33 cents per share. Analysts were expecting revenue of $43.1 million.
Quoting Management: “Fundamentals remain strong and our properties are well positioned to benefit. The positive momentum supports the increased NOI guidance,” said Jeffrey I. Friedman, president and chief executive officer.
The company has now missed analyst estimates for the last four quarters. It fell short by one cent in the first quarter, by one cent in the fourth quarter of the last fiscal year, and by one cent in the third quarter of the last fiscal year.
Looking Forward: Analysts appear increasingly negative about the company’s results for the next quarter. The average estimate for the third quarter has moved down from 33 cents a share to 31 cents over the last sixty days. Over the past three months, the average estimate for the fiscal year has climbed from $1.24 per to share to $1.26.
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(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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