Highwoods Tops Q3 Estimates With $0.29 EPS, Revenue Up 8.1%
HIW sits 46% above its 52-week low of $20.45.
Summary
Highwoods beat on the top and bottom lines for Q3: adjusted EPS of $0.29 versus the $0.22 consensus, and revenue up 8.1% to $218.18 million against $215.65 million expected. Net income was $31.75 million, with EPS nearly tripling from $0.12 a year ago. The one blemish is FFO per share of $0.89, a penny shy of the $0.90 estimate, after three straight quarters of beats. The stock is up 17.7% year to date and 4.7% this quarter, so expectations were already elevated; the FFO miss against a strong EPS print is the number traders will focus on.
At the time of this announcement, HIW was trading at $29.82 on NYSE in the Real Estate & Construction sector, with a market capitalization of approximately $3.3B. The 52-week trading range was $20.45 to $35.44. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: Reuters.