Kimco Realty Earnings: KIM Stock Climbs 3% On Q2 EPS Beat

Kimco Realty (NYSE:KIM) reported earnings for the second quarter of fiscal year 2020, and the results have KIM stock ticking higher on Friday morning. This comes despite reported revenue of $238.92 million falling below Wall Street’s estimate of $249 million. However, the company’s adjusted earning per share (EPS) of $1.71 per share crushed analysts’ expectations of 7 cents during the quarter.

The Kimco Realty (KIM) logo displayed on a smartphone screen.

Source: rafapress / Shutterstock.com

The company also reported GAAP EPS of $1.71 for the period.

Here is what else is worth mentioning from the most recent Kimco Realty earnings report.

  • Per-share earnings were much improved from EPS of 20 cents during Q2 2019.
  • Revenue for the quarter comes in 16.1% lower compared to $284.87 million during the same time last year.
  • Operating income of $64.12 million was 40.3% worse year-over-year from $107.4 million.
  • The Kimco Realty earnings report also includes a net income of $741.54 million.
  • That’s a major improvement from $86.49 million from the second quarter of 2019.

Conor Flynn, chief executive officer of Kimco, said this about the KIM stock earnings:

“Our results reflect the resiliency of our portfolio, our balance sheet and our people. All of our centers are open and operating, serving their local communities with essential goods and services in a safe, inviting environment. Quality is more important than ever, and our repositioned portfolio continues to hold up in the face of the pandemic. We thank all the front-line workers as they combat the challenges of COVID-19. And we remain committed to our tenants, shoppers and associates in these unprecedented times.”

The company does not mention any sort of guidance for fiscal 2020. That said, however, we know what Wall Street is expecting. Analysts are looking for EPS of 53 cents on revenue of $1.07 billion for the year.

KIM stock was up 3.4% on Friday.

Nick Clarkson is a web editor at InvestorPlace. As of this writing, he did not hold a position in any of the aforementioned securities.


Article printed from InvestorPlace Media, https://investorplace.com/2020/08/kimco-realty-earnings-kim-stock-climbs-3-on-q2-eps-beat/.

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