CBL & Associates Properties Inc. (NYSE:CBL) 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.
CBL & Associates Properties Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased 3.77% to $0.55 in the quarter versus EPS of $0.53 in the year-earlier quarter.
Revenue: Rose 0.85% to $262.43 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: CBL & Associates Properties Inc. reported adjusted EPS income of $0.55 per share. By that measure, the company beat the mean analyst estimate of $0.53. It beat the average revenue estimate of $250.29 million.
Quoting Management: “Favorable operating trends within our portfolio continued this quarter and have our Company well positioned for a strong second half of the year,” commented Stephen Lebovitz, CBL’s president and chief executive officer. “Occupancy, leasing and FFO performance were healthy, with positive NOI growth in-line with our guidance. At 97% leased and committed, the recent grand opening of The Outlet Shoppes at Atlanta was a huge success, attracting overflowing crowds. This quarter’s announcement of the acquisition of the Sears stores for redevelopment at two of our most productive malls and the commencement of construction of The Outlet Shoppes at Louisville are exciting growth opportunities as we look ahead to next year.”
Key Stats (on next page)…