Simon Property Group (NYSE:SPG) earnings for the company’s second quarter of 2020 have SPG stock on the move after-hours Monday. That comes after reporting adjusted earnings per share of 83 cents, which is worse than Wall Street’s estimate of 98 cents. Its revenue of $1.06 billion is also below analysts’ estimate of $1.14 billion.
Here’s a more thorough look at the most recent Simon Property Group earnings report.
- Adjusted per-share earnings are down 48% from $1.60 in the same period of the year prior.
- Revenue for the quarter comes in 24.3% lower than the $1.4 billion reported in Q2 2019.
- Operating income of $450.87 million is down 33.8% year-over-year from $680.63 million.
- The Simon Property Group earnings report also has it bringing in a net income of $290.55 million.
- That’s a 49.2% decrease compared to $572.1 million from the same time last year.
David Simon, chairman, president and CEO of Simon Property Group, said this in the report.
“Despite losing nearly 10,500 shopping days in our U.S. portfolio in the second quarter, we produced solid profitability and positive cash flow from operations. We have generally been encouraged by the shopper response, particularly in certain locations, after re-opening.”
Simon Property Group doesn’t discuss guidance during its current earnings report. Even so, it does mention that the majority of businesses are reopening. That includes 91% of the tenants in the U.S. conducting operations.
SPG stock was down slightly after-hours Monday and ended normal trading hours up 5.3%.
As of this writing, William White did not hold a position in any of the aforementioned securities.