W. P. Carey (WPC) Q3 FY2023 earnings: revenue $449 million, up 16.9% on the year

W. P. Carey Inc. (WPC) reported revenue of $449 million for Q3 FY2023, the quarter ended 30 September 2023, up 16.9% on the same quarter a year earlier. Net income was $125 million, up 19.2% on the year, and diluted earnings per share $0.58. The figures are the company's own, from the 10-Q it filed with the SEC on 3 November 2023.

Revenue$449 millionup 16.9%

Net income$125 millionup 19.2%

Diluted EPS$0.58

QuarterQ3 FY2023ended 30 September 2023

The quarter, against the one before and a year earlier

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Revenue	449	n/a	n/a	n/a
Cost of revenue	0.1	n/a	n/a	n/a
Gross profit	448	n/a	n/a	n/a
Gross margin	100.0%	n/a	n/a
Operating income	192	n/a	n/a	n/a
Operating margin	42.8%	n/a	n/a
Interest expense	77.0	n/a	n/a	n/a
Pre-tax income	130	n/a	n/a	n/a
Income tax	5.1	n/a	n/a	n/a
Effective tax rate	3.9%	n/a	n/a
Net income	125	n/a	n/a	n/a
Net margin	27.9%	n/a	n/a
Diluted EPS	$0.58	n/a	n/a	n/a

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Operating cash flow	282	n/a	n/a	n/a
Cash from investing	113	n/a	n/a	n/a
Cash from financing	-465	n/a	n/a	n/a
Depreciation and amortisation	145	n/a	n/a	n/a
Share-based compensation	9.1	n/a	n/a	n/a
Dividends paid	230	n/a	n/a	n/a
Dividend per share	$1.07	n/a	n/a	n/a
Diluted shares, weighted	215m	n/a	n/a	n/a
Shares outstanding at period end	214m	n/a	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Shareholders' equity	9,134	n/a	n/a	n/a
Non-controlling interest	10.9	n/a	n/a	n/a
Debt	8,288	n/a	n/a	n/a
Other liabilities	1,197	n/a	n/a	n/a
Total liabilities and equity	18,630	n/a	n/a	n/a
Goodwill	1,034	n/a	n/a	n/a
Cash and equivalents	136	n/a	n/a	n/a
Other assets	17,460	n/a	n/a	n/a
Total assets	18,630	n/a	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	449	412	390	390	397	406	410	431	431	445	455	461
Cost of revenue	0.1	0.0	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Gross profit	448	412	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Gross margin	100%	100%	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Operating income	192	129	187	157	203	184	191	222	206	179	199	164
Operating margin	43%	31%	48%	40%	51%	45%	47%	52%	48%	40%	44%	35%
Interest expense	77.0	72.2	68.7	65.3	72.5	70.9	68.8	71.8	75.2	75.4	78.5	79.0
Pre-tax income	130	158	168	149	121	54.8	137	64.4	150	153	191	199
Tax rate	4%	9%	5%	4%	7%	14%	8%	20%	6%	-1%	8%	7%
Net income	125	144	159	143	112	47.0	126	51.2	141	148	176	185
Net margin	28%	35%	41%	37%	28%	12%	31%	12%	33%	33%	39%	40%
Diluted EPS	$0.58	$0.66	$0.72	$0.65	$0.51	$0.21	$0.57	$0.23	$0.64	$0.67	$0.80	$0.82
Operating cash flow	282	261	1,036	221	280	296	273	404	300	305	283	333
Dividends paid	230	230	190	190	192	193	195	196	198	201	205	209
Shares outstanding	214m	219m	219m	219m	219m	219m	219m	219m	219m	219m	223m	228m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 30 September 2023, filed 3 November 2023, accession 0001628280-23-036734: the filing on EDGAR. All of W. P. Carey Inc.'s filings: EDGAR company page.

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