Paramount Group (PGRE) Tops Q1 EPS by 1c, Revenues Beat; Offers FY19 EPS Guidance Below Consensus

Paramount Group (NYSE: PGRE) reported Q1 EPS of $0.02, $0.01 better than the analyst estimate of $0.01. Revenue for the quarter came in at $191.79 million versus the consensus estimate of $187.26 million.

GUIDANCE:

Paramount Group sees FY2019 EPS of $0.01-$0.05, versus the consensus of $0.09.

The Company is updating its Estimated Core FFO Guidance for the full year of 2019, which is reconciled below to estimated net income attributable to common stockholders per diluted share in accordance with GAAP. The Company estimates that net income attributable to common stockholders will be between $0.01 and $0.05 per diluted share, compared to its prior estimate of net income attributable to common stockholders of $0.00 to $0.04 per diluted share, up $0.01 per diluted share from the midpoint of the Company’s prior estimate, resulting primarily from better than expected portfolio operations. The estimated net income 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 three months ended March 31, 2019 and its outlook for the remainder of 2019, the Company is raising its Estimated 2019 Core FFO Guidance to be between $0.90 and $0.94 per diluted share, compared to its prior estimate of $0.88 to $0.92 per diluted share. This represents an increase of $0.02 per diluted share at the midpoint of the Company’s guidance resulting primarily from better than expected portfolio operations.

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

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