Simon Property Group Earnings: Tops Analyst Revenue Estimate

S&P 500 (NYSE:SPY) component Simon Property Group Inc. (NYSE:SPG) reported a lower net income in third quarter, missing analysts’ estimates. Simon Property Group operates as a real estate investment trust that owns, develops and manages retail real estate properties.

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Simon Property Group Inc. Earnings Cheat Sheet

Results: Net income for Simon Property Group Inc. fell to $254.9 million (84 cents per share) vs. $274.8 million (93 cents per share) a year earlier. This is a decline of 7.2% from the year-earlier quarter.

Revenue: Rose 5.1% to $1.23 billion from the year-earlier quarter.

Actual vs. Wall St. Expectations: Simon Property Group Inc. fell short of the mean analyst estimate of $1.92 per share. It beat the average revenue estimate of $1.15 billion.

Key Stats:

Last quarter’s profit decrease breaks a streak of four consecutive quarters of year-over-year profit increases. In the second quarter, net income rose 5% from the year earlier, while the figure increased more than threefold in the first quarter, 66.3% in the fourth quarter of the last fiscal year and 18.7% in the third quarter of the last fiscal year.

Revenue has risen for the last four quarters. Revenue increased 13.8% to $1.22 billion in the second quarter. The figure rose 58.5% in the first quarter from the year earlier and climbed 24.2% in the fourth quarter of the last fiscal year from the year-ago quarter.

The company fell short of forecasts after beating estimates in the previous two quarters. In the second quarter, it topped the mark by 9 cents, and in the first quarter, it was ahead by 15 cents.

Looking Forward: Expectations for the fourth quarter have not changed from $2.12. For the fiscal year, the average estimate has moved up from $7.73 a share to $7.76 over the last ninety days.

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(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)

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