Gladstone Land (LAND) Q2 FFO Miss Estimates

Core Insights - Gladstone Land (LAND) reported quarterly funds from operations (FFO) of $0.10 per share, missing the Zacks Consensus Estimate of$0.12 per share, and down from $0.11 per share a year ago, indicating a -14.17$21.3 million for the quarter ended June 2024, surpassing the Zacks Consensus Estimate by 4.04%, compared to $21.21 million in the same quarter last year [1] - Gladstone has not surpassed consensus FFO estimates in the last four quarters, while it has topped revenue estimates three times in the same period [1] Financial Performance - The FFO for the previous quarter was expected to be$0.15 per share, but the actual was $0.14, resulting in a -6.67$0.17 on revenues of $22.89 million, and for the current fiscal year, it is$0.60 on revenues of $87.22 million [4] Market Performance - Gladstone shares have declined approximately 4.4% since the beginning of the year, contrasting with the S&P 500's gain of 9% [2] - The Zacks Industry Rank for REIT and Equity Trust - Other is in the top 39% of over 250 Zacks industries, indicating a favorable industry outlook [5] Future Outlook - The sustainability of the stock's price movement will depend on management's commentary during the earnings call and the trends in estimate revisions [2][3] - The current Zacks Rank for Gladstone is 3 (Hold), suggesting that shares are expected to perform in line with the market in the near future [4]