Simon Property Group Earnings: Surpasses Wall Street Estimates

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: Net income increased 127.46% to $827.4 million ($2.29 per diluted share) in the quarter versus a net gain of $363.76 million in the year-earlier quarter.

Revenue: Rose 1% to $1.34 billion from the year-earlier quarter.

Actual vs. Wall St. Expectations: Simon Property Group Inc. reported adjusted net income of $2.29 per share. By that measure, the company beat the mean analyst estimate of $2.17. It beat the average revenue estimate of $1.3 billion.

Quoting Management: “I am very pleased with our strong fourth quarter results, capping off an excellent year for our Company,” said David Simon, Chairman and Chief Executive Officer. “We reported a 19.9% increase in FFO per share for the quarter, and our Mall and Premium Outlet portfolio delivered 4.8% growth in comparable property net operating income for the year…

…We continued to strengthen our retail real estate platform through our investment activities. We are also pleased to raise our dividend for the sixth consecutive quarter.”

Key Stats:

Revenue increased 6.1% from $1.26 billion in the previous quarter. Net income increased 223.51% from $255.76 million 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 $1.98 to a profit $1.99. For the current year, the average estimate has moved up from a profit of $7.83 to a profit of $7.86 over the last ninety days.

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(Company fundamentals provided by Xignite Financials.)