Paramount Group (PGRE) Misses Q2 EPS by 16c, Revenues Beat; 'Raising FY18 Core FFO Guidance'

Paramount Group (NYSE: PGRE) reported Q2 EPS of ($0.14), $0.16 worse than the analyst estimate of $0.02. Revenue for the quarter came in at $191.42 million versus the consensus estimate of $188.62 million.

Guidance

The Company is updating its Estimated Core FFO Guidance for the full year of 2018, which is reconciled below to estimated net loss attributable to common stockholders per diluted share in accordance with GAAP. The Company estimates that net loss attributable to common stockholders will be between $0.14 and $0.10 per diluted share, compared to its prior estimate of net income attributable to common stockholders of $0.02 to $0.06 per diluted share, resulting primarily from a real estate impairment loss that was recognized in the quarter ended June 30, 2018. The estimated net loss attributable to common stockholders per diluted share is not a projection and is being provided solely to satisfy the disclosure requirements of the U.S. Securities and Exchange Commission.

Based on the Company’s performance for the six months ended June 30, 2018 and its outlook for the remainder of 2018, the Company is raising its Estimated 2018 Core FFO Guidance to be between $0.93 and $0.97 per diluted share, up from its prior range of $0.92 to $0.96 per diluted share. This represents an increase of $0.01 per diluted share at the midpoint of the Company’s guidance resulting primarily from better than expected portfolio performance.

For earnings history and earnings-related data on Paramount Group (PGRE) click here.

You May Also Be Interested In

• Visa (V) stock rises as Q2 earnings, revenue come ahead of estimates
• Fisker (FSR) files form 10-K, sees more job cuts, reiterates going concern doubts
• Veralto Corporation (VLTO) Tops Q1 EPS by 6c, Offers Guidance