Vornado Realty Trust (VNO) 4Q Adjusted Profit Rises 15%

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Vornado Realty Trust (NYSE:VNO) reported a profit for the fourth quarter compared to a loss in the prior year quarter. However, on an adjusted basis, profit would have grown 15.1% in the December quarter. Similarly, the company’s funds flow from operations also turned to positive from negative in the previous year quarter.

4Q Results

Vornado Realty Trust (NYSE:VNO) reported net income of $513.24 million or $2.72 a share for the fourth quarter. In comparison, it suffered a net loss of $68.89 million or a loss of 37 cents a share in the year-ago quarter. On an adjusted basis, its net income would have witnessed 15.1% growth to $113 million from $98.2 million in the same quarter last year. Similarly, its earnings advanced 15.4% to 60 cents a share from 52 cents a share in the 2013-fourth quarter.

The company’s funds flow from operations was $240.14 million compared to a negative FFO of $6.78 million. Its FFO per share was $1.22 versus a negative four cents in the previous year quarter. However, its adjusted FFO grew 9.1% to $256.14 million from $234.8 million and FFO per share rose 8.8% to $1.36 from $1.25 in the same quarter last year.

Vornado Realty Trust (NYSE:VNO) said that its top line grew 4.6% to $679.1 million from $649.4 million in the year-ago quarter. On average, Street analysts’ estimated the company to deliver FFO of $1.23 a share and $677.44 million revenue for the December quarter.

Full Year Results

The company’s net income nearly doubled to $783.388 million or $4.15 a share from $392.03 million or $2.09 a share in the prior year. Its FFO also jumped 42% to $911.11 million or $4.83 a share from $641 million or $3.41 a share in 2013. Its Adjusted FFO rose 9% to $980.3 million of $5.2 a share from $896.5 million or $4.77 a share in the previous year.

However, Vornado Realty Trust (NYSE:VNO)’s total revenue dipped 1.3% to $2.64 billion from $2.67 billion in the previous year.

Viraj Shah

Viraj Shah has completed M.Com (Finance) and is currently pursuing his CFP. He tracks US markets along with other global markets like India very closely. He is very passionate about stocks, real estate, and technology. He also believes that money can always be made in the market.

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