Simon Property Group Earnings: Surpasses Wall Street Estimates
Simon Property Group Inc. (NYSE:SPG) delivered a profit and beat Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company.
Simon Property Group Inc. Earnings Cheat Sheet
Results: Net income increased 127.46% to $827.4 million ($2.29 per diluted share) in the quarter versus a net gain of $363.76 million in the year-earlier quarter.
Revenue: Rose 1% to $1.34 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: Simon Property Group Inc. reported adjusted net income of $2.29 per share. By that measure, the company beat the mean analyst estimate of $2.17. It beat the average revenue estimate of $1.3 billion.
Quoting Management: “I am very pleased with our strong fourth quarter results, capping off an excellent year for our Company,” said David Simon, Chairman and Chief Executive Officer. “We reported a 19.9% increase in FFO per share for the quarter, and our Mall and Premium Outlet portfolio delivered 4.8% growth in comparable property net operating income for the year…