Simon Property Group Earnings: SPG Stock Jumps 3% on Q1 Revenue Beat

Simon Property Group (NYSE:SPG) earnings for the commercial real estate company’s first quarter of 2020 have SPG stock up after markets closed on Monday. That’s despite its diluted earnings per share (EPS) of $1.43 missing Wall Street’s estimate of $1.63. Luckily, its revenue of $1.35 billion is better than analysts’ estimates of $1.29 billion.

Simon Property Group Earnings: SPG Stock Jumps 3% on Q1 Revenue Beat
Source: Jonathan Weiss /

Now, let’s take a closer look at the most recent Simon Property Group earnings report.

  • Diluted per-share earnings are down 19.7% from $1.78 during the first quarter of 2019.
  • Revenue for the quarter is sitting 6.9% lower than the $1.45 billion from the same time last year.
  • Operating income of $654.87 million is a 12.1% drop year-over-year from $745.02 million.
  • The Simon Property Group earnings report also has net income coming in at $505.4 million.
  • That’s a 20% decline compared to the company’s net income of $631.95 million from the same period of the year prior.

David Simon, chairman, president and CEO of Simon Property Group, said this in the Q1 earnings report:

“Business was off to a good start in January and February, with shopper traffic, tenant demand, reported retailer sales and other underlying portfolio fundamentals trending at or above our expectations. In March, we quickly pivoted to address the rapid spread of COVID-19, temporarily closing U.S. properties, reducing operating costs and increasing financial resources. We are beginning to reopen properties and are encouraged by the consumer response thus far.”

Simon Property Group is withdrawing its outlook for 2020. The company cites the novel coronavirus as the reason behind this decision. Many other companies have already done the same.

SPG stock was up 2.8% after-hours Monday.

As of this writing, William White did not hold a position in any of the aforementioned securities.

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