A month has gone by since the last earnings report for GGP, Inc. . Shares have lost about 3.7% in that time frame, underperforming the market.
Will the recent negative trend continue leading up to the stock's next earnings release, or is it due for a breakout? Before we dive into how investors and analysts have reacted of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important drivers.
GGP Inc's Q1 FFO In Line With Estimates, Down Y/Y
GGP came up with first-quarter 2017 FFO per share of $0.36, in line with the Zacks Consensus Estimate. The prior-year quarter figure for FFO per share was $0.40.
The company posted revenues of $566.3 million, beating the Zacks Consensus Estimate of $566 million by a narrow margin. However, it came in lower than the year-ago figure of $607 million.
During the quarter, same store net operating income (NOI) increased 2.5% from the prior-year period.
Quarter in Details
Initial rental rates for signed leases in the trailing 12 months (on a suite-to-suite basis) increased 10.5 %. Further, tenant sales (all less anchors) inched up 0.9% on a trailing 12-month basis.
GGP’s development and redevelopment activities totaled around $1.3 billion. Of this, projects worth $0.7 billion are under construction and $0.6 billion are in the pipeline.
The company ended the quarter with cash and cash equivalents of $252.7 million, down from $474.8 million as of Dec 31, 2016.
Share Buyback
During the quarter, GGP acquired around 2.57 million of its common shares at a weighted average price of $23.16 per share. This resulted in total consideration of around $59.6 million.
Guidance
For full-year 2017, GGP has revised its FFO per share guidance in the range of $1.56–$1.60 from the previous guidance of $1.56–$1.61.
For second-quarter 2017, the company projects FFO per share in the range of $0.34–$0.36, revising it from the earlier range of $0.35–$0.37.
How Have Estimates Been Moving Since Then?
Analysts were quiet during the last one month period as none of them issued any earnings estimate revisions.
VGM Scores
At this time, GGP's stock has a subpar Growth Score of 'D'. However, its Momentum is doing a bit better with a 'C'. The stock was allocated a grade of 'D' on the value side, putting it in the bottom 40% for this investment strategy.
Overall, the stock has an aggregate VGM Score of 'D'. If you aren't focused on one strategy, this score is the one you should be interested in.
The company's stock is suitable solely for momentum investors based on our style scores.
Outlook
The Zacks Consensus Estimate has moved north over the past 30 days. Notably, the stock has a Zacks Rank #3 (Hold). We expect in-line returns from the stock in the next few months.
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It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
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A month has gone by since the last earnings report for GGP, Inc. . Shares have lost about 3.7% in that time frame, underperforming the market.
Will the recent negative trend continue leading up to the stock's next earnings release, or is it due for a breakout? Before we dive into how investors and analysts have reacted of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important drivers.
GGP Inc's Q1 FFO In Line With Estimates, Down Y/Y
GGP came up with first-quarter 2017 FFO per share of $0.36, in line with the Zacks Consensus Estimate. The prior-year quarter figure for FFO per share was $0.40.
The company posted revenues of $566.3 million, beating the Zacks Consensus Estimate of $566 million by a narrow margin. However, it came in lower than the year-ago figure of $607 million.
During the quarter, same store net operating income (NOI) increased 2.5% from the prior-year period.
Quarter in Details
Initial rental rates for signed leases in the trailing 12 months (on a suite-to-suite basis) increased 10.5 %. Further, tenant sales (all less anchors) inched up 0.9% on a trailing 12-month basis.
GGP’s development and redevelopment activities totaled around $1.3 billion. Of this, projects worth $0.7 billion are under construction and $0.6 billion are in the pipeline.
The company ended the quarter with cash and cash equivalents of $252.7 million, down from $474.8 million as of Dec 31, 2016.
Share Buyback
During the quarter, GGP acquired around 2.57 million of its common shares at a weighted average price of $23.16 per share. This resulted in total consideration of around $59.6 million.
Guidance
For full-year 2017, GGP has revised its FFO per share guidance in the range of $1.56–$1.60 from the previous guidance of $1.56–$1.61.
For second-quarter 2017, the company projects FFO per share in the range of $0.34–$0.36, revising it from the earlier range of $0.35–$0.37.
How Have Estimates Been Moving Since Then?
Analysts were quiet during the last one month period as none of them issued any earnings estimate revisions.
VGM Scores
At this time, GGP's stock has a subpar Growth Score of 'D'. However, its Momentum is doing a bit better with a 'C'. The stock was allocated a grade of 'D' on the value side, putting it in the bottom 40% for this investment strategy.
Overall, the stock has an aggregate VGM Score of 'D'. If you aren't focused on one strategy, this score is the one you should be interested in.
The company's stock is suitable solely for momentum investors based on our style scores.
Outlook
The Zacks Consensus Estimate has moved north over the past 30 days. Notably, the stock has a Zacks Rank #3 (Hold). We expect in-line returns from the stock in the next few months.
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>