COPT Defense (CDP) Q1 FFO and Revenues Top Estimates

Company Performance - COPT Defense reported quarterly funds from operations (FFO) of $0.62 per share, exceeding the Zacks Consensus Estimate of $0.60 per share, and up from $0.59 per share a year ago, representing a 3.33% surprise [1] - The company generated revenues of $193.27 million for the quarter ended March 2024, surpassing the Zacks Consensus Estimate by 9.55%, compared to $167.5 million in the same quarter last year [1] - Over the last four quarters, COPT Defense has surpassed consensus FFO estimates three times and revenue estimates two times [1] Market Outlook - COPT Defense shares have declined approximately 10.5% since the beginning of the year, while the S&P 500 has gained 6.3% [2] - The current consensus FFO estimate for the upcoming quarter is $0.62 on revenues of $178.45 million, and for the current fiscal year, it is $2.50 on revenues of $718.83 million [4] Industry Context - The REIT and Equity Trust - Other industry, to which COPT Defense belongs, is currently ranked in the bottom 42% of over 250 Zacks industries, indicating potential challenges for stock performance [5] - Another company in the same industry, Public Storage, is expected to report quarterly earnings of $4.06 per share, reflecting a year-over-year change of -0.5%, with revenues anticipated to be $1.15 billion, up 5.4% from the previous year [5][6]