PREIT (PEI) Misses Q3 EPS by 1c, Revenues Beat; Offers FY18 EPS Outlook Above Consensus

PREIT (NYSE: PEI) reported Q3 EPS of ($0.11), $0.01 worse than the analyst estimate of ($0.10). Revenue for the quarter came in at $88.1 million versus the consensus estimate of $56.3 million.

"Having made the difficult and sometimes unpopular decisions in recent years to shed lower-productivity assets and take back department stores proactively, we are in a unique position to grow our core metrics in a rapidly-evolving retail environment as the temporary impact from bankruptcies and co-tenancy wanes and the remaining department store replacements take occupancy," said Joseph F. Coradino, CEO of PREIT. "With the bulk of this work behind us, we are ahead of the curve in delivering the new mall model to our customers. This work, coupled with a confident consumer, has led to strong sales and occupancy growth and incremental renewal spread improvement during the quarter which we expect will pave the way for continued growth into the future."

GUIDANCE:

PREIT sees FY2018 EPS of ($0.66)-($0.61) versus -$0.70 per share.

For earnings history and earnings-related data on PREIT (PEI) click here.

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