Getty Realty Earnings: Here’s Why Investors Don’t Like These Results
Getty Realty Corp. (NYSE:GTY) 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 0.05%.
Getty Realty Corp. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased 71.43% to $0.36 in the quarter versus EPS of $0.21 in the year-earlier quarter.
Revenue: Decreased 8.63% to $25.1 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Getty Realty Corp. reported adjusted EPS income of $0.36 per share. By that measure, the company beat the mean analyst estimate of $0.25. It beat the average revenue estimate of $24.55 million.
Quoting Management: David B. Driscoll, the Company’s President and CEO stated, “This quarter marked some notable milestones as we move towards executing the final pieces of the Marketing transition. In particular, there has been notable progress on asset sales especially with respect to our terminals and, after the end of the second quarter, the sale of one of our Manhattan locations for more than $20 million. We also have invested significant time and resources in the Lukoil litigation which, as previously disclosed, settled in early July producing a favorable result for the Company. In addition to the proceeds we expect to receive and the elimination of significant litigation expenses related to this matter, the settlement will enable management to refocus its efforts on operations and accretive opportunities as we move forward. We also completed an accretive $72.5 million acquisition in the quarter. While we still have work to do, more of our attention is being directed towards growing the Company and our long-term sustainable cash flow.”
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