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Why Is Vornado (VNO) Up 4.3% Since Last Earnings Report?
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A month has gone by since the last earnings report for Vornado (VNO - Free Report) . Shares have added about 4.3% in that time frame, outperforming the S&P 500.
Will the recent positive trend continue leading up to its next earnings release, or is Vornado due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important catalysts.
Vornado's FFO and Revenues Surpass Estimates in Q4
Vornado Realty Trust’s fourth-quarter 2021 FFO plus assumed conversions as adjusted of 81 cents per share topped the Zacks Consensus Estimate of 74 cents. The reported figure improved 19.1% from the year-ago quarter’s 68 cents.
Vornado’s results display growth in the same-store NOI from the year-ago quarter’s reported figure in the New York portfolio and 555 California Street, partially offset by a decline in the theMART.
Total revenues came in at $421.1 million in the reported quarter, surpassing the Zacks Consensus Estimate of $414.1 million. Further, revenues compared favorably with the year-ago number of $376.4 million.
Behind the Headline Numbers
In the New York portfolio, 954,000 square feet of office space (852,000 square feet at share) and 54,000 square feet of retail space (50,000 square feet at share) were leased during the fourth quarter. Also, 28,000 square feet of area (all at share) was leased at theMART.
At the end of the fourth quarter, occupancy in the New York portfolio was 91.3%, down from 92.2% witnessed at the prior year’s quarter-end. Occupancy in theMART was 88.9%, down from 89.5% reported as of Dec 31, 2020. Additionally, occupancy in 555 California Street was 93.8%, down from the prior-year quarter’s 98.4%.
In the reported quarter, total same-store NOI (at share) improved 5.9% year over year. While the metric at theMART dropped 6.6%, the same at the New York portfolio increased 6.2%. The same-store NOI in Vornado’s 555 California Street climbed 15.6%.
As of Dec 31, 2021, VNO had $1.76 billion of cash and cash equivalents, up from $1.62 billion reported as of Dec 31, 2020.
How Have Estimates Been Moving Since Then?
It turns out, fresh estimates have trended upward during the past month.
VGM Scores
Currently, Vornado has an average Growth Score of C, however its Momentum Score is doing a bit better with a B. However, the stock was allocated a grade of D on the value side, putting it in the bottom 40% for this investment strategy.
Overall, the stock has an aggregate VGM Score of C. If you aren't focused on one strategy, this score is the one you should be interested in.
Outlook
Estimates have been broadly trending upward for the stock, and the magnitude of these revisions looks promising. It comes with little surprise Vornado has a Zacks Rank #2 (Buy). We expect an above average return from the stock in the next few months.
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Why Is Vornado (VNO) Up 4.3% Since Last Earnings Report?
A month has gone by since the last earnings report for Vornado (VNO - Free Report) . Shares have added about 4.3% in that time frame, outperforming the S&P 500.
Will the recent positive trend continue leading up to its next earnings release, or is Vornado due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important catalysts.
Vornado's FFO and Revenues Surpass Estimates in Q4
Vornado Realty Trust’s fourth-quarter 2021 FFO plus assumed conversions as adjusted of 81 cents per share topped the Zacks Consensus Estimate of 74 cents. The reported figure improved 19.1% from the year-ago quarter’s 68 cents.
Vornado’s results display growth in the same-store NOI from the year-ago quarter’s reported figure in the New York portfolio and 555 California Street, partially offset by a decline in the theMART.
Total revenues came in at $421.1 million in the reported quarter, surpassing the Zacks Consensus Estimate of $414.1 million. Further, revenues compared favorably with the year-ago number of $376.4 million.
Behind the Headline Numbers
In the New York portfolio, 954,000 square feet of office space (852,000 square feet at share) and 54,000 square feet of retail space (50,000 square feet at share) were leased during the fourth quarter. Also, 28,000 square feet of area (all at share) was leased at theMART.
At the end of the fourth quarter, occupancy in the New York portfolio was 91.3%, down from 92.2% witnessed at the prior year’s quarter-end. Occupancy in theMART was 88.9%, down from 89.5% reported as of Dec 31, 2020. Additionally, occupancy in 555 California Street was 93.8%, down from the prior-year quarter’s 98.4%.
In the reported quarter, total same-store NOI (at share) improved 5.9% year over year. While the metric at theMART dropped 6.6%, the same at the New York portfolio increased 6.2%. The same-store NOI in Vornado’s 555 California Street climbed 15.6%.
As of Dec 31, 2021, VNO had $1.76 billion of cash and cash equivalents, up from $1.62 billion reported as of Dec 31, 2020.
How Have Estimates Been Moving Since Then?
It turns out, fresh estimates have trended upward during the past month.
VGM Scores
Currently, Vornado has an average Growth Score of C, however its Momentum Score is doing a bit better with a B. However, the stock was allocated a grade of D on the value side, putting it in the bottom 40% for this investment strategy.
Overall, the stock has an aggregate VGM Score of C. If you aren't focused on one strategy, this score is the one you should be interested in.
Outlook
Estimates have been broadly trending upward for the stock, and the magnitude of these revisions looks promising. It comes with little surprise Vornado has a Zacks Rank #2 (Buy). We expect an above average return from the stock in the next few months.