Parkway Properties Earnings: Here’s Why the Stock is Falling Now
Parkway Properties Inc. (NYSE:PKY) 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 1%.
Parkway Properties Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share decreased 25% to $0.27 in the quarter versus EPS of $0.72 in the year-earlier quarter.
Revenue: Decreased 528.71% to $61.52 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Parkway Properties Inc. reported adjusted EPS income of $0.27 per share. By that measure, the company beat the mean analyst estimate of $0.24. It beat the average revenue estimate of $55.72 million.
Quoting Management:James R. Heistand, President and Chief Executive Officer of Parkway, commented, “The fourth quarter was a continuation of the momentum Parkway has achieved over the past year as we enhance our portfolio and unlock its embeded value. We completed another strong leasing quarter and continue to implement operating efficiencies, resulting in a 230 basis point increase in our NOI margin compared to last year. We continue to execute on our balanced investment strategy. Since the beginning of the fourth quarter, we have announced or completed $546 million of core, core-plus and value-add acquisitions in targeted, high-growth submarkets. With a more concentrated geographic footprint, a higher-quality portfolio, limited near-term rollover exposure, and demonstrated access to capital, we believe that Parkway is well-positioned to be the leading owner of quality office assets in our key submarkets.”
Key Stats (on next page)…