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Standard Parking 4Q adjusted profit tops Street
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(AP:CHICAGO) Standard Parking lost money in its fourth quarter, weighed down by acquisition-related costs.
Its adjusted results topped Wall Street's view, but the company gave a 2013 adjusted earnings forecast below analysts' estimates. Shares fell more than 2 percent in afternoon trading.
The provider of parking, ground transportation and other services lost $4.8 million, or 22 cents per share, for the three months ended Dec. 31. That compares with a profit of $3.6 million, or 23 cents per share, a year earlier.
Excluding cost related to its $345 million acquisition of Central Parking in October, earnings were 26 cents per share.
Information on quarterly revenue was not immediately available.
Analyst polled by FactSet forecast earnings of 25 cents per share.
The Chicago company said Friday that it still expects the acquisition to add to its earnings per share by 2015. It manages more than 4,200 facilities with more than 2.2 million parking spaces in hundreds of North American cities.
For the year, Standard Parking Corp. earned $3.9 million, or 22 cents per share. In 2011 the company earned $17.9 million, or $1.12 per share. Adjusted earnings were $1.27 per share. Full-year revenue rose to $953.9 million from $729.7 million.
Looking ahead, the company anticipates 2013 adjusted earnings between 75 cents and 85 cents per share. Analysts predict $1.28 per share, on average.
Standard Parking's stock fell 54 cents, or 2.6 percent, to $20.30. The shares have traded between $17.99 and $24.67 over the past year.
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