Consolidated-Tomoka Land (CTO) Tops Q1 EPS by 71c

Consolidated-Tomoka Land (NYSE: CTO) reported Q1 EPS of $1.96, $0.71 better than the analyst estimate of $1.25. Revenue for the quarter came in at $24.85 million versus the consensus estimate of $24.99 million.

Operating results for the quarter ended March 31, 2018 (as compared to the same period in 2017):

• Net income was $1.97 per basic share, a decrease of $0.31 per share, or (14%);
• Operating income was approximately $17.0 million, a decrease of approximately $5.9 million, or (26%);
• The decrease in net income and operating income in the first quarter of 2018 compared with the same period in 2017 is primarily the result of the land transaction with Minto Communities in the first quarter of 2017 which generated approximately $27.2 million in revenue and a gain of approximately $20.0 million, or approximately $2.20 in earnings per share, net of tax; and
• Revenues from our Operating Segments were as follows:

For earnings history and earnings-related data on Consolidated-Tomoka Land (CTO) click here.

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