Advertisement
Kimco Realty Boosts FY23 Outlook As Q3 Results Top Estimates
(RTTNews) - While reporting financial results for the third quarter on Thursday, REIT Kimco Realty Corp. (KIM, KIM-PG) raised its earnings outlook for the full year 2023.
For fiscal 2023, the company now projects net income available to common shareholders in a range of $0.96 to $0.98 per share and FFO in a range of $1.56 to $1.57 per share.
Previously, the company now projects net income available to common shareholders in a range of $0.92 to $0.95 per share and FFO in a range of $1.55 to $1.57 per share.
On average, analysts polled by Thomson Reuters expect the company to report earnings of $0.94 per share for the year. Analysts' estimates typically exclude special items.
For the third quarter, the company reported Funds From Operations or FFO of $248.61 million or $0.40 per share for the third quarter, down from $254.47 million or $0.41 per share last year.
However, net income was $111.95 million, or $0.18 per share, up from $51.65 million or $0.08 per share in the year-ago quarter.
Revenue for the quarter increased to $446.07 million from $433.40 million in the previous year.
The Street was looking for earnings of $0.16 per share on revenues of $436.29 million for the quarter.
Kimco's board of directors also declared a 4.3 percent higher quarterly cash dividend on common shares of $0.24 per share, payable on December 21, 2023, to shareholders of record on December 7, 2023.
For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com
Kimco Realty Q2 Results Top Estimates; Boosts FY24 Outlook
Kimco Realty Q4 Results Top Estimates; Guides FY24 Below Estimates
U.S. Consumer Prices Inch Up In Line With Estimates In April
Wall Street Likely To Open On Negative Note
Bay Street Likely To Open On Mixed Note
FTSE 100 Rises 0.7%
CAC 40 Modestly Higher In Cautious Trade
