Mack-Cali Realty Earnings: Here’s Why Shares are Down Now
Mack-Cali Realty Corp. (NYSE:CLI) delivered a profit and met 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 0.37%.
Mack-Cali Realty Corp. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share decreased 14.86% to $0.63 in the quarter versus EPS of $0.74 in the year-earlier quarter.
Revenue: Decreased 0.97% to $181.8 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Mack-Cali Realty Corp. reported adjusted EPS income of $0.63 per share. By that measure, the company missed the mean analyst estimate of $0.63. It beat the average revenue estimate of $174.62 million.
Quoting Management: Mitchell E. Hersh, president and chief executive officer, commented, “During the quarter we continued to execute on our strategy of recycling our capital out of non-core assets to fuel our diversification into multi-family residential.”
Key Stats (on next page)…