The $3.32 per share earnings the company reported late Tuesday surpassed internal forecasts by two to seven cents and exceeded an independent analyst's expectations by two cents. LNR now projects earnings per share in 2001 to be in the $3.70 to $3.85 range.
"Our management team continues to have tremendous success growing our recurring income streams, adding value to our real estate investments and harvesting that value at the right opportunity," Steven J. Saiontz, LNR Property chief executive officer, says in a prepared statement. "As a result, we have been able to achieve a compound net earnings annual growth rate of over 39% since 1992."
The company could be poised for further growth in 2001, since Saiontz contends LNR has not fully recognized the total asset value in its financial statements. The company expects to follow a market strategy that maximizes its recurring income streams but takes a conservative approach when managing liabilities.
Shares of LNR Property closed up 31 cents at $26.06 on volume of 65,000 at the close of trade Tuesday, in advance of the earnings report. The issue is trading near the 52-week high of $26.63. Shares have traded as low as $17.56 over the same time period.
"The markets in which our assets are located remain stable at historically strong levels," Jeffrey P. Krasnoff, LNR Property president, says in the release. "And, our management team continues to have great success in leasing up newly developed and repositioned properties at levels in excess of what had originally been anticipated. The direct result has been significant increases in asset values, property net operating income and cash flow."
The company reported net earnings of $116 million, or $3.32 per diluted share, on revenue of $473 million for the year ended Nov. 30, compared with net of $95.6 million, or $2.63 per diluted share, on revenue of $348 million for the same period the prior year.
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