Macerich Co. (NYSE:MAC) delivered a profit and beat Wall Street’s expectations, BUT came up short on beating the revenue expectation. The revenue miss is a negative sign to shareholders seeking high growth out of the company.
Macerich Co. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased 17.57% to $0.87 in the quarter versus EPS of $0.74 in the year-earlier quarter.
Revenue: Rose 18.46% to $262.9 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Macerich Co. reported adjusted EPS income of $0.87 per share. By that measure, the company beat the mean analyst estimate of $0.81. It missed the average revenue estimate of $265.51 million.
Quoting Management: Arthur Coppola chairman and chief executive officer of Macerich stated, “It was a very strong quarter for us. Our operating fundamentals continued their upward trend with significant occupancy gains, continued tenant sales growth and a solid same center net operating income increase. In addition, we successfully continued executing our strategy of refining our portfolio with the sale of five non-core assets during the quarter.”
Key Stats (on next page)…
Revenue decreased 5.72% from $278.86 million in the previous quarter. EPS increased 1.16% from $0.86 in the previous quarter.
Looking Forward: Analysts have a more positive outlook for the company’s next-quarter performance. Over the past three months, the average estimate for next quarter’s earnings has risen from a profit of $0.82 to a profit $0.83. For the current year, the average estimate has moved up from a profit of $3.39 to a profit of $3.45 over the last ninety days.
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(Company fundamentals provided by Xignite Financials. Email any earnings discrepancies to earnings [at] wallstcheatsheet.com)