CareTrust REIT, Inc. (CTRE) has reported an 86.86 percent jump in profit for the quarter ended Mar. 31, 2017. The company has earned $10.28 million, or $0.15 a share in the quarter, compared with $5.50 million, or $0.11 a share for the same period last year. Revenue during the quarter grew 29.54 percent to $30.61 million from $23.63 million in the previous year period.
Cost of revenue rose 23.38 percent or $0.57 million during the quarter to $2.98 million. Gross margin for the quarter expanded 49 basis points over the previous year period to 90.26 percent.
Total expenses were $14.45 million for the quarter, up 21.01 percent or $2.51 million from year-ago period. Operating margin for the quarter expanded 333 basis points over the previous year period to 52.80 percent.
Operating income for the quarter was $16.16 million, compared with $11.69 million in the previous year period.
For fiscal year 2017, CareTrust REIT, Inc. expects diluted earnings per share to be in the range of $0.60 to $0.62.
Revenue from real estate activities during the quarter surged 30.28 percent or $7.08 million to $30.45 million.
Income from operating leases during the quarter surged 30.83 percent or $6.44 million to $27.34 million. Revenue from tenant reimbursements was $2.32 million for the quarter, up 29.16 percent or $0.52 million from year-ago period.
Revenue from other real estate activities during the quarter was $0.79 million, up 16.45 percent or $0.11 million from year-ago period.
Other income during the quarter was $0.16 million, down 38.98 percent or $0.10 million from year-ago period.
Discussing CareTrust REIT's progress, chairman and chief executive officer Greg Stapley remarked, "Our 2017 has started off well, with two great acquisitions, robust demand under our ATM program, and lower-than-ever debt levels that position us extremely well for the rest of the year." Mr. Stapley also noted that the company posted record quarterly FFO per share, increased its quarterly dividend by 8.8% to $0.185 per common share, and has recently seen the outlook on its credit ratings upgraded by both Moody's and Standard & Poor's from "stable" to "positive." He concluded, "Our team remains committed to our disciplined investment approach, and with these recent accomplishments, we are more optimistic than ever about CareTrust REIT's ability to create long-term shareholder value."
Operating cash flow improves significantly
CareTrust REIT, Inc. has generated cash of $20.17 million from operating activities during the quarter, up 34.49 percent or $5.17 million, when compared with the last year period. The company has spent $55.47 million cash to meet investing activities during the quarter as against cash outgo of $83.77 million in the last year period.
Cash flow from financing activities was $29.09 million for the quarter, down 53.06 percent or $32.88 million, when compared with the last year period.
Cash and cash equivalents stood at $1.28 million as on Mar. 31, 2017, down 72.49 percent or $3.38 million from $4.66 million on Mar. 31, 2016.
Receivables increase substantially
Net receivables were at $7.93 million as on Mar. 31, 2017, up 256.17 percent or $5.70 million from year-ago.
Real estate investments stood at $14.03 million as on Mar. 31, 2017. Investments stood at $940.36 million as on Mar. 31, 2017, up 30.20 percent or $218.14 million from year-ago.
Total assets jumped 30.12 percent or $223.93 million to $967.44 million on Mar. 31, 2017. On the other hand, total liabilities were at $409.49 million as on Mar. 31, 2017, up 7.93 percent or $30.09 million from year-ago.
Return on assets moved up 5 basis points to 1.67 percent in the quarter. At the same time, return on equity moved up 33 basis points to 1.84 percent in the quarter.
Debt moves up
Total debt was at $382.01 million as on Mar. 31, 2017, up 6.45 percent or $23.15 million from year-ago. Shareholders equity stood at $557.95 million as on Mar. 31, 2017, up 53.24 percent or $193.84 million from year-ago. As a result, debt to equity ratio went down 30 basis points to 0.68 percent in the quarter.
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