LTC Properties Inc
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Real Estate : Equity Real Estate Investment Trusts (REITs) | Small Cap Value
Company profile

LTC Properties Inc. is a real estate investment trust (REIT). The Company invests in seniors housing and health care properties through sale-leasebacks, mortgage financing, joint ventures, construction financing and structured finance solutions including preferred equity, bridge, mezzanine and unitranche lending. It invests in various properties, including skilled nursing centers (SNF), which provides restorative, rehabilitative and nursing care; Assisted living facilities (ALF), which serves people who require assistance with activities of daily living; Independent living facilities (ILF), also known as retirement communities or senior apartments, offers a community and numerous levels of service, such as laundry, housekeeping, dining options/meal plans, exercise and wellness programs, transportation, social, cultural and recreational activities, and others, and Memory care facilities (MC), offers specialized options for people with Alzheimer’s disease and other forms of dementia.

Postmarket

Last Trade
Delayed
$33.45
0.00 (0.00%)
Bid
--
Ask
--
B/A Size
--

Market Hours

Closing Price
$33.45
Day's Change
1.38 (4.30%)
Bid
--
Ask
--
B/A Size
--
Day's High
33.75
Day's Low
32.34
Volume
(Heavy Day)
Volume:
391,853

10-day average volume:
295,655
391,853

Gap stock tanks as results miss, guidance lowered due to 'significant' supply-chain issues

9:14 pm ET November 23, 2021 (MarketWatch)
Print

By Levi Sumagaysay

Gap Inc. on Tuesday blamed "significant" supply-chain constraints as it cut its full-year earnings guidance and reported third-quarter results that fell short of expectations, sending its shares sharply lower after hours.

Supply constraints in the third quarter included extended COVID-related factory closures, such as in Vietnam -- where about 30% of the company's offerings are produced and which saw closures of up to two-and-a-half months -- and continued port congestion, according to the retail chain.

"Acute supply-chain headwinds affected our ability to fully meet strong customer demand," said Chief Executive Sonia Syngal in a statement. She said the company chose "accelerated use of air freight" to serve customers this holiday season, calling it "an intentional investment in building enduring customer loyalty."

In addition, Chief Financial Officer Katrina O'Connell said on the earnings call that the company has rerouted some of its shipments to the East Coast to avoid the port congestion in Southern California.

"We are confident that when adjusting for these substantial disrupted impact to 2021, our underlying business is ahead of plan," O'Connell said. Both she and Syngal said demand, and the company's brands, are strong.

Gap (GPS) shares sank after hours, tumbling about 16% after falling almost 2% in the regular session to close at $23.47.

Third-quarter net sales rose at the company's Old Navy and Athleta brands compared with the same period in 2019, while decreasing at its Gap and Banana Republic brands. The company said its online sales increased 48% compared to the third quarter of 2019, comprising 38% of the total business as store traffic continues to recover.

The retailer reported a net loss of $152 million, or 40 cents a share, for the quarter. That's compared with net income of $95 million, or 25 cents a share, in the year-ago period. Adjusted for debt-restructuring costs and charges related to the company's European operating model, earnings were 27 cents a share. Revenue fell to $3.94 billion from $3.99 billion in the year-ago quarter.

Analysts surveyed by FactSet had forecast earnings of $191 million, or 50 cents a share, on revenue of $4.43 billion.

The company now expects its reported full-year diluted earnings per share to be 45 cents to 60 cents, which it said includes an estimated $550 million to $600 million in lost sales because of supply constraints, and about $450 million in air freight expenses for the year. Gap expects adjusted full-year diluted earnings per share in the range of $1.25 to $1.40, falling short of analysts' expectation of $2.15 a share.

Gap stock has gained about 15.5% so far this year, while the S&P 500 Index has seen a 24% increase year to date.

-Levi Sumagaysay

	

(END) Dow Jones Newswires

November 23, 2021 21:14 ET (02:14 GMT)

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