Compared to Estimates, Vornado (VNO) Q3 Earnings: A Look at Key Metrics

Core Insights - Vornado reported $443.26 million in revenue for Q3 2024, a year-over-year decline of 1.7%, with an EPS of $0.52 compared to $0.28 a year ago, indicating a positive EPS surprise of +1.96% over the consensus estimate [1] Financial Performance - Revenue of $443.26 million exceeded the Zacks Consensus Estimate of $440.72 million by +0.58% [1] - Occupancy in New York was reported at 86.7%, slightly below the average estimate of 87.2% [3] - New York Retail occupancy was 79%, surpassing the two-analyst average estimate of 77.2% [3] - Total revenues from New York were $362.48 million, a decrease of -0.6% year-over-year, compared to the average estimate of $357.27 million [3] - Total rental revenues were $387.47 million, slightly below the average estimate of $389.40 million, reflecting a -3.2% year-over-year change [3] - Fee and other income revenue was $55.79 million, exceeding the average estimate of $51.76 million, with a year-over-year increase of +10.2% [3] - Total revenues from management and leasing fees were $2.84 million, significantly lower than the average estimate of $4.37 million, representing a -12.9% year-over-year change [3] - Total revenues from property rentals were $342.71 million, above the average estimate of $336.25 million, with a year-over-year change of +0.3% [3] Stock Performance - Vornado shares have returned +4.8% over the past month, outperforming the Zacks S&P 500 composite's +0.4% change [4] - The stock currently holds a Zacks Rank 3 (Hold), suggesting it may perform in line with the broader market in the near term [4]