Earnings reports detail widespread losses among Florida corporations

The coronavirus sinks the global stock exchanges.
From tech to real estate, tourism to cars, Florida companies report tough quarter.

The coronavirus crisis’ devastation of Florida’s economy is showing up almost universally in first-quarter earnings reports issued in the past week by Florida-based publicly-traded companies tracked by The Associated Press.

From car dealers such as AutoNation to tourism operators such as SeaWorld Entertainment, from technology services such as ADT to restaurant companies such as Bloomin’ Brands, and from real estate management firms such as Xenia Hotels & Resorts to insurance companies such as United Insurance, corporations are reporting significant losses in the first quarter of 2020.

A handful of corporations reported that they have managed to put together profitable first quarters. but even those, as have almost all the others that reported in the past few days, nonetheless suffered double-digit declines in their stock values.

Here is a rundown of recent AP reports on earnings by Florida-based publicly traded companies in recent days.

— In Orlando, Xenia Hotels & Resorts Inc. (traded under the stock symbol XHR) on Monday reported a key measure of profitability in its first quarter. The results fell short of Wall Street expectations.

The Orlando based real estate investment trust said it had funds from operations of $19.4 million, or 17 cents per share, in the period.

The company said it had a loss of $36.1 million, or 32 cents per share.

The average estimate of five analysts surveyed by Zacks Investment Research was for funds from operations of 37 cents per share.

Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.

The real estate investment trust that owns hotels, based in Orlando, Florida, posted revenue of $215.4 million in the period, which also missed Street forecasts. Five analysts surveyed by Zacks expected $232.8 million.

The company’s shares have fallen 58% since the beginning of the year. The stock has dropped 60% in the last 12 months.

— In West Palm Beach, Chatham Lodging Trust (CLDT) on Monday reported a key measure of profitability in its first quarter.

The West Palm Beach-based real estate investment trust said it had funds from operations of $6.3 million, or 13 cents per share, in the period.

Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.

The company said it had a loss of $27.8 million, or 59 cents per share.

The real estate investment trust posted revenue of $60.2 million in the period.

The company’s shares have fallen 62% since the beginning of the year. The stock has declined 65% in the last 12 months.

— In Fort Lauderdale, AutoNation Inc. (AN) on Monday reported a first-quarter loss of $232.3 million, after reporting a profit in the same period a year earlier.

On a per-share basis, the Fort Lauderdale-based company said it had a loss of $2.58. Earnings, adjusted for asset impairment costs and to account for discontinued operations, came to 91 cents per share.

The results topped Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 70 cents per share.

The auto retailer posted revenue of $4.67 billion in the period, also exceeding Street forecasts. Three analysts surveyed by Zacks expected $4.55 billion.

AutoNation shares have fallen 21% since the beginning of the year, while the Standard & Poor’s 500 index has dropped slightly more than 9%. The stock has fallen slightly more than 4% in the last 12 months.

— In Clearwater, Apyx Medical Corporation (APYX) on Monday reported a loss of $2 million in its first quarter.

The Clearwater-based company said it had a loss of 6 cents per share.

The medical device maker posted revenue of $5 million in the period.

The company’s shares closed at $3.25. A year ago, they were trading at $6.18.

— In Orlando, SeaWorld Entertainment Inc. (SEAS) on Friday reported a loss of $56.5 million in its first quarter.

The Orlando-based company said it had a loss of 72 cents per share.

The theme park operator posted revenue of $153.6 million in the period.

SeaWorld shares have dropped 54% since the beginning of the year. The stock has decreased 43% in the last 12 months.

— In Tampa, Bloomin’ Brands Inc. (BLMN) on Friday reported a first-quarter loss of $34.6 million, after reporting a profit in the same period a year earlier.

The Tampa-based company said it had a loss of 44 cents per share. Earnings, adjusted for one-time gains and costs, came to 14 cents per share.

The owner of Outback Steakhouse and other casual dining spots posted revenue of $1.01 billion in the period, which matched Street forecasts.

Bloomin’ Brands shares have decreased 55% since the beginning of the year. The stock has fallen 50% in the last 12 months.

— In Jacksonville, FRP Holdings Inc. (FRPH) on Wednesday reported first-quarter net income of $1.6 million.

The Jacksonville-based company said it had profit of 16 cents per share.

The real estate company posted revenue of $5.8 million in the period.

FRP Holdings shares have dropped 13% since the beginning of the year. The stock has declined 12% in the last 12 months.

— In St. Petersburg, United Insurance Holdings Corp. (UIHC) on Wednesday reported a first-quarter loss of $12.7 million, after reporting a profit in the same period a year earlier.

On a per-share basis, the Saint Petersburg-based company said it had a loss of 30 cents. Earnings, adjusted for non-recurring costs and amortization costs, came to 21 cents per share.

The property and casualty insurance company posted revenue of $176.3 million in the period. Its adjusted revenue was $202.8 million.

United Insurance shares have dropped 30% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $8.86, a decline of 44% in the last 12 months.

— In Miramar, Spirit Airlines Inc. (SAVE) on Wednesday reported a first-quarter loss of $27.8 million, after reporting a profit in the same period a year earlier.

On a per-share basis, the Miramar-based company said it had a loss of 41 cents. Losses, adjusted for non-recurring gains, were 86 cents per share.

The results fell short of Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for a loss of 60 cents per share.

The airline posted revenue of $771.1 million in the period, which also did not meet Street forecasts. Three analysts surveyed by Zacks expected $848.8 million.

Spirit shares have dropped 71% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $11.55, a drop of 78% in the last 12 months.

— In Jacksonville, Fidelity National Information Services Inc. (FIS) on Thursday reported first-quarter earnings of $15 million.

The Jacksonville-based company said it had profit of 2 cents per share. Earnings, adjusted for one-time gains and costs, were $1.28 per share.

The results exceeded Wall Street expectations. The average estimate of 11 analysts surveyed by Zacks Investment Research was for earnings of $1.27 per share.

The banking and payment technologies company posted revenue of $3.08 billion in the period, matching Street forecasts.

Fidelity National shares have dropped 5% since the beginning of the year, while the Standard & Poor’s 500 index has fallen 12%. The stock has climbed 12% in the last 12 months.

— In Tampa, Primo Water Corporation (PRMW) on Thursday reported first-quarter net income of $3.5 million, after reporting a loss in the same period a year earlier.

The Tampa-based company said it had net income of 2 cents per share. Losses, adjusted to account for discontinued operations, came to 4 cents per share.

The results fell short of Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for a loss of 2 cents per share.

The maker of soft drinks, juices, teas, flavored water and energy drinks posted revenue of $474.2 million in the period, surpassing Street forecasts. Three analysts surveyed by Zacks expected $463 million.

Primo shares have fallen 21% since the beginning of the year. The stock has fallen 23% in the last 12 months.

— In Naples, ACI Worldwide Inc. (ACIW) on Thursday reported a loss of $24.4 million in its first quarter.

The Naples-based company said it had a loss of 21 cents per share.

The maker of software for electronic payments posted revenue of $291.5 million in the period.

ACI Worldwide shares have decreased 31% since the beginning of the year. The stock has fallen 26% in the last 12 months.

— In Boca Raton, ADT Inc. (ADT) on Thursday reported a loss of $300 million in its first quarter.

On a per-share basis, the Boca Raton-based company said it had a loss of 40 cents.

Losses, adjusted for non-recurring costs, came to 9 cents per share.

The home security company posted revenue of $1.37 billion in the period.

ADT expects full-year revenue in the range of $5 billion to $5.3 billion.

ADT shares have declined 29% since the beginning of the year, while the Standard & Poor’s 500 index has declined 11%. The stock has declined 19% in the last 12 months.

— In Tampa, AutoWeb Inc. (AUTO) on Thursday reported a loss of $4.1 million in its first quarter.

On a per-share basis, the Tampa-based company said it had a loss of 31 cents.

Losses, adjusted for stock option expense, came to 27 cents per share.

The provider of marketing services for automakers and dealers posted revenue of $24.5 million in the period.

The company’s shares closed at $1.01. A year ago, they were trading at $3.23.

— In Tampa, HCI Group Inc. (HCI) on Thursday reported first-quarter net income of $547,000.

On a per-share basis, the Tampa-based company said it had net income of 7 cents. Earnings, adjusted for investment costs, came to 54 cents per share.

The property and casualty insurance holding company posted revenue of $55.4 million in the period.

HCI Group shares have declined almost 9% since the beginning of the year. The stock has dropped 1% in the last 12 months.

— In Boca Raton, Newtek Business Services Inc. (NEWT) on Thursday reported a first-quarter loss of $7.3 million, after reporting a profit in the same period a year earlier.

On a per-share basis, the Boca Raton-based company said it had a loss of 35 cents.

Earnings, adjusted for investment costs, came to 21 cents per share.

The provider of financial and business services to small-and medium-sized business posted revenue of $15.8 million in the period.

Newtek shares have decreased 34% since the beginning of the year. The stock has decreased 34% in the last 12 months.

— In Tampa, Benefytt Technologies, Inc. (BFYT) on Wednesday reported a first-quarter loss of $44.3 million, after reporting a profit in the same period a year earlier.

The Tampa-based company said it had a loss of $3.68 per share. Earnings, adjusted for one-time gains and costs, were 1 cent per share.

The results fell short of Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 30 cents per share.

The Web-based health coverage provider posted revenue of $71.6 million in the period, exceeding Street forecasts. Three analysts surveyed by Zacks expected $54.9 million.

Benefytt Technologies expects full-year earnings in the range of $3.10 to $4.15 per share, with revenue in the range of $290 million to $350 million.

Benefytt Technologies shares have climbed 13% since the beginning of the year. The stock has fallen 16% in the last 12 months.

— In Tampa, Kforce Inc. (KFRC) on Wednesday reported first-quarter net income of $9.1 million.

On a per-share basis, the Tampa-based company said it had profit of 42 cents.

The results topped Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 38 cents per share.

The staffing company posted revenue of $335.2 million in the period.

Kforce shares have fallen 26% since the beginning of the year. The stock has dropped 19% in the last 12 months.

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The AP’s reports were generated by Automated Insights using data from Zacks Investment Research.

Republished with permission from The Associated Press.

Staff Reports



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