Taubman Centers (TCO) Tops Q1 EPS by 14c, Revenues Miss; Lowers FY19 EPS Guidance

Taubman Centers (NYSE: TCO) reported Q1 EPS of $0.25, $0.14 better than the analyst estimate of $0.11. Revenue for the quarter came in at $160.21 million versus the consensus estimate of $163.13 million.

GUIDANCE:

Taubman Centers sees FY2019 EPS of $0.68-$0.92, versus the consensus of $0.67.

• Taubman is updating certain guidance measures for 2019. Our guidance now includes the impact of The Gardens Mall acquisition that closed in April.
• 2019 EPS is now expected to be in the range of $0.68 to $0.92 per diluted share, revised from the previous range of $0.84 to $1.08.
• 2019 FFO is now expected to be in the range of $3.60 to $3.72 per diluted common share, revised from the previous range of $3.62 to $3.74. This change represents the $0.02 net impact of the first quarter restructuring charge, costs associated with shareholder activism and fluctuation in the fair value of equity securities.
• 2019 Adjusted FFO, which excludes $0.02 per diluted common share of first quarter adjustments, remains unchanged and is expected to be in the range of $3.62 to $3.74 per diluted common share.
• We continue to expect comparable center NOI growth of about 2 percent for the year.
• This guidance range includes the adoption of the new lease accounting standard, resulting in an additional $5 to $7 million of operating expenses. This guidance does not include the impact of the agreement to sell 50 percent of Taubman Asia’s interests in three Asia-based shopping centers to Blackstone or assumptions for future costs associated with shareowner activism.

For earnings history and earnings-related data on Taubman Centers (TCO) click here.

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