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Vornado Second Quarter Earnings
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VNO
Vornado Realty (NYSE:VNO) announced its results for the most recent quarter on August 6, 2012. Vornado Realty Trust is a real estate investment trust that conducts its business through Vornado Realty L.P.
In most situations, when earnings do not meet analyst estimates, a business' stock price will tend to drop. On the other hand, when actual earnings beat estimates by a significant amount, the share price will likely surge. SEE: Earnings: Quality Means Everything
The Numbers: Vornado's revenues topped expectations, though the company's EPS fell short of predictions. The company reported 11 cents per share versus the $1.06 per share estimate and revenues of $700.6 million versus the $650.6 million estimate. EPS fell 77.6% while revenue climbed more than sixfold from the same period last year. Vornado bounced back last quarter with a year-over-year revenue increase after two consecutive quarters of revenue declines. The company's net income for the quarter fell 64.7% to $38.3 million. The company has now reported lower net income in each of the last four quarters.
A Look Back: Net income has dropped 33.5% year-over-year on average across the last five quarters. Performance was hurt by a 66% decline in the fourth quarter of the last fiscal year from the year-earlier quarter.
Looking Ahead: Analysts have a more positive outlook for the company's next-quarter performance. Over the past month, the average estimate for the third quarter has gone up from $1.14 per share to $1.16. Increasing earnings estimate is a positive sign about the company and it typically leads a increase in the stock price. For the fiscal year, the average estimate has moved down from $5.23 a share to $5.10 over the last 90 days.
In most situations, when earnings do not meet analyst estimates, a business' stock price will tend to drop. On the other hand, when actual earnings beat estimates by a significant amount, the share price will likely surge. SEE: Earnings: Quality Means Everything
The Numbers: Vornado's revenues topped expectations, though the company's EPS fell short of predictions. The company reported 11 cents per share versus the $1.06 per share estimate and revenues of $700.6 million versus the $650.6 million estimate. EPS fell 77.6% while revenue climbed more than sixfold from the same period last year. Vornado bounced back last quarter with a year-over-year revenue increase after two consecutive quarters of revenue declines. The company's net income for the quarter fell 64.7% to $38.3 million. The company has now reported lower net income in each of the last four quarters.
Looking Ahead: Analysts have a more positive outlook for the company's next-quarter performance. Over the past month, the average estimate for the third quarter has gone up from $1.14 per share to $1.16. Increasing earnings estimate is a positive sign about the company and it typically leads a increase in the stock price. For the fiscal year, the average estimate has moved down from $5.23 a share to $5.10 over the last 90 days.
by
Investopedia Staff
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