Piedmont Posts Wider 17-Cent Loss, Missing Estimates Despite Revenue Beat
PDM sits 52% above its 52-week low of $6.315.
Summary
Piedmont reported a Q3 adjusted loss of 17 cents per share, far wider than the 5-cent loss two analysts expected and worse than last year's 11-cent loss. Revenue rose 8.7% to $151.24 million, topping the $146.74 million consensus. The GAAP loss was $21.02 million, driven by a $20.2 million debt-extinguishment charge tied to the September exchangeable notes refinancing. Core FFO of $0.39 per diluted share beat the $0.38 estimate and rose from $0.35 a year ago on 7.5% cash same-store NOI growth, so the headline loss overstates operating weakness. The stock is up 8.8% this quarter and 16.1% year to date, and the average analyst rating is hold with a median $11 price target.
At the time of this announcement, PDM was trading at $9.61 on NYSE in the Real Estate & Construction sector, with a market capitalization of approximately $1.2B. The 52-week trading range was $6.32 to $10.13. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Reuters.