Macerich (MAC) Tops Q1 EPS by 4c, Revenues Beat; FY19 EPS Guidance Above Consensus

Macerich (NYSE: MAC) reported Q1 EPS of $0.05, $0.04 better than the analyst estimate of $0.01. Revenue for the quarter came in at $226.52 million versus the consensus estimate of $217.06 million.

"While 2019 started with a heavy volume of retailer bankruptcies, all of which we had anticipated, the leasing environment for backfill of these vacancies is strong and the sales productivity and attractiveness of our portfolio continues to improve," said the Company's Chief Executive Officer, Tom O'Hern. "We remain extremely enthused about the redevelopment opportunities at many of our best properties. There is extensive demand for our better-situated Sears real estate. The redevelopment of those Sears boxes plus Scottsdale Fashion Square, Fashion District of Philadelphia, One Westside and Los Angeles Premium Outlets provide us with great opportunities to add significant value and diversified uses to our high quality real estate."

GUIDANCE:

Macerich sees FY2019 EPS of $0.41-$0.49, versus the consensus of $0.28.

For earnings history and earnings-related data on Macerich (MAC) click here.

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