Ares Commercial Real Estate Cor (ACRE) said before open Tuesday that it earned $0.27 per share in quarter one 2023. The company reported earnings on an adjusted basis, so it may not be directly comparable to analyst estimates or prior periods.
On the revenue line, the company reported $26.5 million, missing estimates by $1.8 million.
In the same quarter a year ago, the company earned $0.34 per share on revenue of $24 million.
The stock is down 10.67% to $7.62 after the report.
The firm's higher revenue growth to earnings signals that the firm has not been able to reduce costs and has seen its profit margin decrease.
Wall Street Analysts had an average rating of Buy on the stock prior to the report.
Trading in the five days leading up to the report earned Ares Commercial Real Estate Cor a Bullish Sentiment Rank from InvestorsObserver.
Ares Commercial Real Estate Cor has performed poorly during the past few months, garnering a low Long-Term Technical Rank by InvestorsObserver of 3, putting Ares Commercial Real Estate Cor in the bottom 25% of stocks. The firm was recently trading at a 52-week low of $8.12 on April 25, 2023 and set a 52-week high on May 4, 2022 at $15.7.
ACRE provides onestop solutions to meet the distinct and underserved financing needs of middlemarket commercial real estate
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Ares Commercial Real Estate Cor Down 10.67% To $7.62 After Earnings Beat
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