Getty Realty Corp (GTY) has reported 25.98 percent rise in profit for the quarter ended Mar. 31, 2017. The company has earned $9.70 million, or $0.28 a share in the quarter, compared with $7.70 million, or $0.23 a share for the same period last year. On an adjusted basis, earnings per share were at $0.41 for the quarter compared with $0.39 in the same period last year. Revenue during the quarter went down marginally by 2.74 percent to $27.65 million from $28.43 million in the previous year period.
Cost of revenue dropped 14.35 percent or $0.76 million during the quarter to $4.53 million. Gross margin for the quarter expanded 222 basis points over the previous year period to 83.61 percent.
Total expenses were $14.29 million for the quarter, down 15.88 percent or $2.70 million from year-ago period. Operating margin for the quarter expanded 807 basis points over the previous year period to 48.31 percent.
Operating income for the quarter was $13.36 million, compared with $11.44 million in the previous year period. However, the adjusted operating income for the quarter stood at $18.16 million compared to $14.15 million in the prior year period. At the same time, adjusted operating margin improved 1593 basis points in the quarter to 65.70 percent from 49.77 percent in the last year period.
For financial year 2017, the company expects adjusted diluted earnings per share to be in the range of $1.54 to $1.60.
Christopher J. Constant, Getty’s President & Chief Executive Officer stated, “We are pleased with our strong start to 2017, as our portfolio of convenience store and gasoline station properties delivered a year-over-year increase in net earnings, FFO and AFFO per share. We have successfully repositioned our portfolio, and have now turned our focus to growing and enhancing our portfolio through disciplined acquisitions and redevelopment projects, along with ongoing select dispositions as we further refine our portfolio. During the balance of the year, we expect to continue to evolve our portfolio and pursue opportunities to enhance the value of the enterprise to drive sustained results for our shareholders.”
Net receivables were at $34.27 million as on Mar. 31, 2017, down 30.59 percent or $15.10 million from year-ago.
Investments stood at $659.84 million as on Mar. 31, 2017.
Total assets went down marginally by 1.93 percent or $17.22 million to $876.17 million on Mar. 31, 2017. On the other hand, total liabilities were at $441.58 million as on Mar. 31, 2017, down 8.58 percent or $41.46 million from year-ago.
Return on assets moved up 16 basis points to 1.51 percent in the quarter. At the same time, return on equity moved up 36 basis points to 2.23 percent in the quarter.
Debt comes down
Total debt was at $298.60 million as on Mar. 31, 2017, down 7.06 percent or $22.68 million from year-ago. Shareholders equity stood at $434.59 million as on Mar. 31, 2017, up 5.91 percent or $24.24 million from year-ago. As a result, debt to equity ratio went down 10 basis points to 0.69 percent in the quarter.
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