Vornado Realty Trust Earnings: Here’s Why Investors are Not Excited Now
Vornado Realty Trust (NYSE:VNO) delivered a profit and beat Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are down 0.01%.
Vornado Realty Trust Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased 6.09% to $1.22 in the quarter versus EPS of $1.15 in the year-earlier quarter.
Revenue: Decreased 17.57% to $697.65 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Vornado Realty Trust reported adjusted EPS income of $1.22 per share. By that measure, the company beat the mean analyst estimate of $1.19. It beat the average revenue estimate of $623.31 million.
Quoting Management: “Despite ongoing economic and industry challenges in 2012, we expect our fourth quarter and full-year 2012 results to be in line with our previously discussed expectations,” said Joel Quadracci, Quad/Graphics Chairman, President & CEO. “During the fourth quarter, we paid a $2 special dividend and announced an increase in our regular 2013 quarterly cash dividend by 20% to $0.30 per share. In early 2013, we completed the Vertis Holdings, Inc., acquisition, which is a natural and strategic fit. We believe all of these activities added value for our shareholders, and were made possible by our strong focus on generating Recurring Free Cash Flow and maintaining a strong balance sheet, while simultaneously paying down debt.”
Key Stats (on next page)…