Earnings
Getty Realty Posts 13% Decline in Profit
Jeanine Poggi
05/05/09 - 06:03 PM EDT
Getty Realty(GTY) reported a 13% decline in first-quarter earnings, hurt by environmental expenses and lower rental revenues.
During the quarter, the company earned $9.9 million, or 40 cents a share, down from $11.3 million, or 46 cents, in the year-ago period.
Funds from operations decreased to $12.3 million from $13.6 million last year.
Revenues from rental properties slid to $19.9 million from $20.2 million a year ago.
Shares of the company fell 5% to end the day at $18.79.