Piedmont Office Realty Trust Earnings: Everything You Must Know Now

Piedmont Office Realty Trust Inc. (NYSE:PDM) delivered a profit and beat Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company.

Piedmont Office Realty Trust Inc. Earnings Cheat Sheet

Results: Adjusted Earnings Per Share increased 0% to $0.35 in the quarter versus EPS of $0.35 in the year-earlier quarter.

Revenue: Rose 0.81% to $134.8 million from the year-earlier quarter.

Actual vs. Wall St. Expectations: Piedmont Office Realty Trust Inc. reported adjusted EPS income of $0.35 per share. By that measure, the company beat the mean analyst estimate of $0.34. It beat the average revenue estimate of $108.02 million.

Quoting Management: Donald A. Miller, CFA, President and Chief Executive Officer stated, “The second quarter was a solid quarter for us. We successfully executed on our inaugural bond issuance at a desirable interest rate, completed a round-trip on a value-add project, recognizing a nice gain on the sale, and repurchased more shares of our stock at an attractive price, all positive contributions that lay the groundwork for future growth. Leasing remained lighter than we would have liked during the quarter, but activity has picked up noticeably headed into third quarter, which bodes well for the remainder of the year.”

Key Stats (on next page)…

Revenue increased 0.37% from $134.3 million in the previous quarter. EPS decreased 5.41% from $0.37 in the previous quarter.

Looking Forward: Analysts have a neutral outlook for the company’s next-quarter performance. Over the past three months, the average estimate for next quarter’s earnings is a profit of $0.35 and has not changed. For the current year, the average estimate has moved down from a profit of $1.41 to a profit of $1.4 over the last ninety days.

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(Company fundamentals provided by Xignite Financials. Email any earnings discrepancies to earnings [at] wallstcheatsheet.com)