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Getty Realty Corp. (NYSE:GTY) delivered a profit and missed Wall Street’s expectations, BUT beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are down 0.4%.
Getty Realty Corp. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased 2500% to $0.26 in the quarter versus EPS of $0.01 in the year-earlier quarter.
Revenue: Decreased 23% to $24.27 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Getty Realty Corp. reported adjusted EPS income of $0.26 per share. By that measure, the company missed the mean analyst estimate of $0.29. It beat the average revenue estimate of $23.5 million.
Quoting Management: David B. Driscoll, Getty’s President and CEO commented, “We became a fundamentally new company during 2012 as we largely completed a significant transformation resulting from the repositioning of our properties formerly leased to Getty Petroleum Marketing. By year end we had largely completed our re-leasing program and we believe that during the first six months of 2013 we will achieve stabilized levels of operating performance. In addition, we have been able to refinance our maturing debt with a combination of bank debt and attractively priced long-term fixed rate debt. This refinance not only strengthens our balance sheet, it also provides the Company with ample capacity to fund additional growth as we move forward. Together, these positive developments have provided us with the confidence to raise our dividend for the first quarter by 60% over the previous quarterly dividend rate declared in 2012. As we move further into 2013, we have re-initiated our pursuit of growth via accretive acquisitions to create additional value for our shareholders.”
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