Tanger Factory Outlet Centers Earnings: Everything You Must Know Now

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.

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Tanger Factory Outlet Centers Inc. Earnings Cheat Sheet

Results: Adjusted Earnings Per Share increased 16.67% to $0.42 in the quarter versus EPS of $0.36 in the year-earlier quarter.

Revenue: Rose 5.29% to $88.7 million from the year-earlier quarter.

Actual vs. Wall St. Expectations: Tanger Factory Outlet Centers Inc. reported adjusted EPS income of $0.42 per share. By that measure, the company beat the mean analyst estimate of $0.41. It beat the average revenue estimate of $88.14 million.

Quoting Management: “2013 is off to a healthy start, with FFO growth driven by the expansion of our footprint by 8.1% as a result of the addition of 4 new joint venture properties in the U.S. and Canada during the fourth quarter of last year and a 3.9% increase in same center net operating income throughout our consolidated portfolio. In addition, quarter-end occupancy increased 70 basis points year over year to 98.0%, compared to 97.3% last year,” commented Steven B. Tanger, President and Chief Executive Officer. “Earlier this month, we announced a 7.1% increase in the annual dividend on our common shares, which marked our twentieth consecutive annual increase,” he added.

Key Stats (on next page)…

Revenue decreased 9.31% from $97.81 million in the previous quarter. EPS decreased 6.67% from $0.45 in the previous quarter.

Looking Forward: Analysts have a neutral outlook for the company’s next-quarter performance. Over the past three months, the average estimate for next quarter’s earnings is a profit of $0.43 and has not changed. For the current year, the average estimate has moved down from a profit of $1.81 to a profit of $1.80 over the last ninety days.

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