Tanger Factory Outlet Centers Inc. (NYSE:SKT) 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. Shares are flat.
Tanger Factory Outlet Centers Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased 9.52% to $0.46 in the quarter versus EPS of $0.42 in the year-earlier quarter.
Revenue: Rose 6.46% to $94.9 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Tanger Factory Outlet Centers Inc. reported adjusted EPS income of $0.46 per share. By that measure, the company beat the mean analyst estimate of $0.45. It beat the average revenue estimate of $93.65 million.
Quoting Management: “The fourth quarter of 2012 capped off another great year at Tanger. Driven by a 25.5% blended increase in base rental rates on space renewed and released during the year, our consolidated portfolio of operating properties posted a 6.0% increase in same center net operating income. In addition to this solid internal growth, we expanded our footprint by 8.1% during the year with the delivery of two new developments in the United States and the acquisition of two existing properties in Canada,” commented Steven B. Tanger, President and Chief Executive Officer. “With the most robust external growth pipeline in our history, we enter 2013 with optimism. In our twentieth year as a public company, outlet shopping is fashionable and the Tanger Outlets brand continues to garner the respect of shoppers and retailers,” he added.
Key Stats (on next page)…