Simon Property Group Earnings: Everything You Must Know Now

Simon Property Group Inc. (NYSE:SPG) 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.

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Simon Property Group Inc. Earnings Cheat Sheet

Results: Adjusted Earnings Per Share increased 12.64% to $2.05 in the quarter versus EPS of $1.82 in the year-earlier quarter.

Revenue: Decreased 26.06% to $1.22 billion from the year-earlier quarter.

Actual vs. Wall St. Expectations: Simon Property Group Inc. reported adjusted EPS income of $2.05 per share. By that measure, the company beat the mean analyst estimate of $2.01. It beat the average revenue estimate of $1.19 billion.

Quoting Management: “Our Mall and Premium Outlet portfolio generated 4.8% growth in comparable property net operating income for the quarter as well as a 5.3% increase in tenant sales per square foot,” said David Simon, chairman and chief executive officer. “Occupancy increased by 110 basis points and leasing activity remains strong. Given these results and factors, as well as our current view for the remainder of 2013, today we are increasing our 2013 guidance.”

Key Stats (on next page)…

Revenue increased 60.75% from $755.89 million in the previous quarter. EPS decreased 10.48% from $2.29 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 $2.01 to a profit $2.04. For the current year, the average estimate has moved up from a profit of $8.40 to a profit of $8.58 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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