Simon Property Group Earnings: Everything You Must Know Now

Simon Property Group Inc. (NYSE:SPG) 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.

Simon Property Group Inc. Earnings Cheat Sheet

Results: Adjusted Earnings Per Share increased 11.64% to $2.11 in the quarter versus EPS of $1.89 in the year-earlier quarter.

Revenue: Rose 1.54% to $1.24 billion from the year-earlier quarter.

Actual vs. Wall St. Expectations: Simon Property Group Inc. reported adjusted EPS income of $2.11 per share. By that measure, the company beat the mean analyst estimate of $2.07. It missed the average revenue estimate of $1.24 billion.

Quoting Management: “This was an excellent quarter for Simon Property Group, with strong financial and operational performance, the opening of two new Premium Outlet Centers®, the groundbreaking for our second Premium Outlet in Canada, and the acquisition of a highly productive center,” said David Simon, Chairman and CEO. “Our portfolio continued to deliver strong results in the quarter, with 5.9% growth in comparable property net operating income for our U.S. Malls and Premium Outlets. Based upon our results to date and expectations for the remainder of 2013, we are again increasing our 2013 guidance.”

Key Stats (on next page)…

Revenue decreased 2.62% from $1.27 billion in the previous quarter. EPS increased 2.93% from $2.05 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 $2.13 to a profit $2.15. For the current year, the average estimate has moved up from a profit of $8.59 to a profit of $8.67 over the last ninety days.

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(Company fundamentals provided by Xignite Financials. Email any earnings discrepancies to earnings [at] wallstcheatsheet.com)

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