Standard Parking 3Q Profit Falls
CHICAGO (AP) ¿ Standard Parking Corp., which manages urban and airport parking lots, said Monday its third-quarter profit fell 18 percent, citing tough comparisons to a year-ago period boosted by insurance-related gains.
Standard Parking earned $4.2 million, or 27 cents per share, down from $5.1 million, or 29 cents per share, in the same quarter last year.
Total revenue fell 2.9 percent to $172.3 million from $177.4 million. Revenue excluding reimbursed management contract expense dropped less than a percent to $74.8 million from $75.5 million on lower revenue from leased locations .
Analysts polled by Thomson Reuters expected a profit of 28 cents per share on $73.3 million in revenue.Standard Parking attributed the drop in profit to favorable changes in insurance reserve estimates, an insurance dividend and a gain from the sale of certain contract rights that boosted its year-ago results. In addition, the recent quarter's results were hurt by certain legal-related expenses, the company said. The company said it expects its full-year earnings to come in at the low end of its previously projected range of $1.05 to $1.11 per share. This range excludes a 4-cents-per-share charge related to the transfer of shares by the company's former majority shareholder. Analysts, on average, expect a profit of $1.04 per share excluding the charge. Standard Parking shares fell 16 cents to $17.44 in morning trading.
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