Corporate Office Properties Trust (NYSE:OFC) 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 0.07%.
Corporate Office Properties Trust Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased 1100% to $0.48 in the quarter versus EPS of $0.04 in the year-earlier quarter.
Revenue: Decreased 9.46% to $131 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Corporate Office Properties Trust reported adjusted EPS income of $0.48 per share. By that measure, the company beat the mean analyst estimate of $0.2. It beat the average revenue estimate of $104.57 million.
Quoting Management: “We had a solid first quarter and are on-track to achieve our leasing and strategic objectives for the year. The first quarter is normally the lightest in terms of leasing volume, however, we were pleased to see tenants more willing to sign longer-term leases,” stated Roger A. Waesche, Jr., COPT’s President & Chief Executive Officer. “We also continue to improve our balance sheet strength and financial flexibility, as evidenced this month by the investment grade corporate ratings received from each of the three major U.S. ratings agencies,” he added.
Key Stats (on next page)…