Kimco Realty Corp. Earnings: Double-Digit Growth Again

Although profit increased, S&P 500 (NYSE:SPY) component Kimco Realty Corporation’s (NYSE:KIM) net income missed the mean analyst estimate. Kimco Realty is a real estate investment trust (REIT) that owns and operates neighborhood and community shopping centers. The company is primarily engaged in acquisitions, development, and management of its properties.

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Kimco Realty Earnings Cheat Sheet for the Second Quarter

Results: Net income for Kimco Realty Corporation rose to $69.1 million (12 cents per share) vs. $38.7 million (6 cents per share) in the same quarter a year earlier. This marks a rise of 78.5% from the year-earlier quarter.

Revenue: Rose 7.1% to $226.7 million from the year-earlier quarter.

Actual vs. Wall St. Expectations: Kimco Realty Corporation fell short of the mean analyst estimate of 31 cents per share. Analysts were expecting revenue of $228.2 million.

Key Stats:

The company has now seen net income rise in three straight quarters. In the first quarter, net income rose 85.2% and in the fourth quarter of the last fiscal year, the figure rose 25.1%.

The company fell short of estimates last quarter after beating the mark the quarter before with net income of 31 cents versus a mean estimate of net income of 30 cents per share.

Looking Forward: The average estimate for the third quarter is steady at 31 cents a share. The average estimate hasn’t changed from $1.24 per share for the fiscal year.

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(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)

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