Sun Communities, Inc. (SUI) has reported a 41.84 percent plunge in profit for the quarter ended Sep. 30, 2016. The company has earned $21.09 million, or $0.27 a share in the quarter, compared with $36.27 million, or $0.53 a share for the same period last year.
Revenue during the quarter surged 34.72 percent to $249.70 million from $185.36 million in the previous year period.
Cost of revenue surged 44.50 percent or $30.10 million during the quarter to $97.76 million. Gross margin for the quarter contracted 265 basis points over the previous year period to 60.85 percent.
Total expenses were $192.10 million for the quarter, up 41.74 percent or $56.57 million from year-ago period. Operating margin for the quarter contracted 381 basis points over the previous year period to 23.07 percent.
Operating income for the quarter was $57.60 million, compared with $49.83 million in the previous year period.
Revenue from real estate activities during the quarter surged 31.92 percent or $38.24 million to $158.02 million.
"Our strong third quarter results demonstrate the consistent growth profile of our portfolio. With home sales solidly ahead of last year in both the third quarter and year to date, the ongoing demand for manufactured housing in our high quality communities is clearly evident," said Gary A. Shiffman, Chairman and CEO. "I am pleased with the integration of the Carefree assets, which are performing ahead of expectations, as we employ our experience and expertise as a consolidator in this space. With both site expansion opportunities, and selective acquisitions such as the four communities purchased during and subsequent to the quarter, we continue to be well-positioned to drive ongoing growth across our platform."
Real estate inventory surged 58.21 percent or $8.88 million to $24.15 million on Sep. 30, 2016. Net receivables were at $231.74 million as on Sep. 30, 2016, up 23.64 percent or $44.30 million from year-ago.
Total assets jumped 43.81 percent or $1,798.83 million to $5,904.71 million on Sep. 30, 2016. On the other hand, total liabilities were at $3,429.74 million as on Sep. 30, 2016, up 23.46 percent or $651.81 million from year-ago.
Return on assets moved down 67 basis points to 0.98 percent in the quarter. At the same time, return on equity moved down 154 basis points to 0.79 percent in the quarter.
Debt moves up
Total debt was at $3,057.09 million as on Sep. 30, 2016, up 22.14 percent or $554.17 million from year-ago. Shareholders equity stood at $2,404.83 million as on Sep. 30, 2016, up 94.20 percent or $1,166.50 million from year-ago. As a result, debt to equity ratio went down 75 basis points to 1.27 percent in the quarter.
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