W. P. Carey Inc (WPC) has reported a 410.20 percent jump in profit for the quarter ended Sep. 30, 2016. The company has earned $110.94 million, or $1.03 a share in the quarter, compared with $21.74 million, or $0.20 a share for the same period last year. On an adjusted basis, profit per share for the quarter was almost stable at $1.34, when compared with the last year period. On an adjusted basis, earnings per share were at $1.34 for the quarter.
Revenue during the quarter grew 4.93 percent to $225.25 million from $214.67 million in the previous year period.
Cost of revenue dropped 25.71 percent or $5 million during the quarter to $14.44 million. Gross margin for the quarter expanded 264 basis points over the previous year period to 93.59 percent.
Total expenses were $150.91 million for the quarter, down 15.46 percent or $27.59 million from year-ago period. Operating margin for the quarter expanded 1616 basis points over the previous year period to 33 percent.
Operating income for the quarter was $74.33 million, compared with $36.16 million in the previous year period.
"For the 2016 third quarter, we generated AFFO per diluted share of $1.34, up 12.6% from the prior year period, reflecting the impact of the cost reduction initiative that we implemented earlier this year, growth in assets under management within our Investment Management business and lower interest expense,” said Mark J. DeCesaris, chief executive officer of W. P. Carey. “Our third quarter results keep us on pace to generate full-year AFFO within our guidance range, which we have narrowed to between $5.05 and $5.15 per diluted share.
Net receivables were at $51.51 million as on Sep. 30, 2016, down 65.13 percent or $96.19 million from year-ago.
Total assets declined 4.73 percent or $420.14 million to $8,468.28 million on Sep. 30, 2016. On the other hand, total liabilities were at $4,955.24 million as on Sep. 30, 2016, down 5.68 percent or $298.25 million from year-ago.
Return on assets moved up 47 basis points to 1.27 percent in the quarter. At the same time, return on equity moved up 256 basis points to 3.16 percent in the quarter.
Debt comes down marginally
Total debt was at $4,391.82 million as on Sep. 30, 2016, down 4.53 percent or $208.29 million from year-ago. Shareholders equity stood at $3,512.08 million as on Sep. 30, 2016, down 2.99 percent or $108.24 million from year-ago. As a result, debt to equity ratio went down 2 basis points to 1.25 percent in the quarter.
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