First Industrial Realty (NYSE: FR) reported Q1 EPS of $0.32, $0.13 better than the analyst estimate of $0.19. Revenue for the quarter came in at $110.34 million versus the consensus estimate of $110.52 million.

"Our first quarter financial results and portfolio performance were strong, reflecting the economic and industry conditions prior to the impact of the COVID-19 pandemic on the U.S. economy," said Peter E. Baccile, First Industrial's president and chief executive officer. "With our strong balance sheet, quality portfolio and dedicated team, our company is built to perform and serve our customers well through this turbulent environment."

GUIDANCE:

First Industrial Realty sees FY2020 EPS of $0.91-$1.01, versus the consensus of $0.84.

"The COVID-19 pandemic has caused a pause in our nation's economic activity including that of some of our tenants," said Mr. Baccile. "While our sector may benefit from widespread and accelerated adoption of e-commerce and increasing inventories, we are reducing our 2020 guidance to reflect a reserve for potential tenant defaults and slightly lower occupancy."

For earnings history and earnings-related data on First Industrial Realty (FR) click here.