DuPont Fabros Technology (DFT) Misses Q1 EPS by 1c, Slight Beat on Revenue; Reduces High-End of FY EPS Guidance

DuPont Fabros Technology (NYSE: DFT) reported Q1 EPS of $0.45, $0.01 worse than the analyst estimate of $0.46. Revenue for the quarter came in at $139.48 million versus the consensus estimate of $139.24 million.

GUIDANCE:

DuPont Fabros Technology sees FY2017 EPS of $1.75-$1.87, versus the consensus of $1.85.

Second Quarter and Full Year 2017 Guidance

GAAP earnings per share guidance for 2017 is now $1.75 to $1.87 per share compared to prior guidance of $1.75 to $1.95 per share.

Revised Normalized Funds From Operations (“FFO”) guidance is $3.01 to $3.13 per share compared to our prior guidance of $3.00 to $3.20 per share. The low end of the range assumes no revenue from speculative leases that commence in 2017 and the high end assumes $0.10 per share of revenue from speculative leases.

The revised midpoint of the company’s 2017 Normalized FFO guidance range is $3.07 per share which is $0.03 per share lower than prior guidance. This is due to the following:

$0.10 per share from an assumed equity offering to fund CH3 Phase II and ACC10 Phase I, partially offset by
Increased operating income, excluding depreciation, from the leases and pre-leases executed since the February 23, 2017 earnings release of $0.04 per share and
Decreased interest expense of $0.03 per share from lower debt outstanding due to the assumed equity offering and higher capitalized interest related to the CH3 Phase II and ACC10 Phase I developments.

The high end of the 2017 Normalized FFO guidance range is $0.07 per share lower than prior guidance. This is due to the following items which were not assumed as a part of the initial 2017 guidance:

$0.10 per share from an assumed equity offering to fund CH3 Phase II and ACC10 Phase I, partially offset by
Decreased interest expense of $0.03 per share from lower debt outstanding and higher capitalized interest related to the CH3 Phase II and ACC10 Phase I developments.

The Normalized FFO guidance range for the second quarter of 2017 is $0.76 to $0.78 per share. The midpoint of $0.77 per share is equal to first quarter's Normalized FFO per share.

The assumptions underlying our guidance can be found on the last page of this earnings release.

For earnings history and earnings-related data on DuPont Fabros Technology (DFT) click here.

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