Market Commentary and Intraday News
WP Carey 2Q profit shrinks 61 percent
315 days ago
(AP:NEW YORK) Investment management company W.P. Carey & Co. LLC said Tuesday that its net income dropped 61 percent in the second quarter as revenue fell absent a hefty gain from a business liquidation.
The New York company, which is looking to convert to a real estate investment trust, earned $31.8 million, or 77 cents per share, in the quarter. That compares with $81.4 million, or $1.99 per share, in the prior-year period.
Total operating expenses increased 14 percent to $60.6 million.
Revenue for the three months ended June 30 declined 42 percent to $68 million from $116.8 million as the year-ago period included $52.5 million in revenue related to the liquidation of one of its subsidiaries, which it merged with another unit.
Shares of W.P. Carey & Co. slid $3.54, or 7.5 percent, to $43.88 in afternoon trading. The stock has traded between $32.76 and $49.70 over the past year.
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