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SITE Centers Corp. (SITC) Q1 Earnings: Taking a Look at Key Metrics Versus Estimates
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SITE CENTERS CORP. (SITC - Free Report) reported $120.62 million in revenue for the quarter ended March 2024, representing a year-over-year decline of 11.9%. EPS of $0.28 for the same period compares to $0.06 a year ago.
The reported revenue compares to the Zacks Consensus Estimate of $119.62 million, representing a surprise of +0.84%. The company delivered an EPS surprise of +16.67%, with the consensus EPS estimate being $0.24.
While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.
As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.
Here is how SITE Centers Corp. performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
Revenues- Rental income- Percentage and overage rent: $1.93 million versus the five-analyst average estimate of $1.22 million. The reported number represents a year-over-year change of +67.4%.
Revenues- Rental income- Ancillary and other rental income: $1.24 million compared to the $1.71 million average estimate based on four analysts. The reported number represents a change of -29.7% year over year.
Revenues- Rental income- Recoveries: $29.68 million versus the four-analyst average estimate of $30.02 million. The reported number represents a year-over-year change of -16%.
Revenues- Rental income: $119.59 million versus $121.30 million estimated by four analysts on average. Compared to the year-ago quarter, this number represents a -12% change.
Revenues- Amortization of (above)/below-market rent, net: $1.15 million versus $1.99 million estimated by two analysts on average.
Revenues- Rental income- Minimum rents: $76.06 million versus the two-analyst average estimate of $78.92 million. The reported number represents a year-over-year change of -14.5%.
Revenues- Other property revenues: $1.03 million versus the two-analyst average estimate of $0.39 million. The reported number represents a year-over-year change of +7.1%.
Revenues- Rental income- Lease termination fees: $3.05 million versus the two-analyst average estimate of $0.32 million. The reported number represents a year-over-year change of +2626.8%.
Revenues- Straight-line rent, net: $0.68 million compared to the $0.81 million average estimate based on two analysts.
Uncollectible revenue: $0.36 million versus -$0.55 million estimated by two analysts on average.
Net Earnings Per Share (Diluted): -$0.13 compared to the $0.02 average estimate based on five analysts.
Shares of SITE Centers Corp. have returned -5.1% over the past month versus the Zacks S&P 500 composite's -2.5% change. The stock currently has a Zacks Rank #5 (Strong Sell), indicating that it could underperform the broader market in the near term.
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SITE Centers Corp. (SITC) Q1 Earnings: Taking a Look at Key Metrics Versus Estimates
SITE CENTERS CORP. (SITC - Free Report) reported $120.62 million in revenue for the quarter ended March 2024, representing a year-over-year decline of 11.9%. EPS of $0.28 for the same period compares to $0.06 a year ago.
The reported revenue compares to the Zacks Consensus Estimate of $119.62 million, representing a surprise of +0.84%. The company delivered an EPS surprise of +16.67%, with the consensus EPS estimate being $0.24.
While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.
As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.
Here is how SITE Centers Corp. performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
- Revenues- Rental income- Percentage and overage rent: $1.93 million versus the five-analyst average estimate of $1.22 million. The reported number represents a year-over-year change of +67.4%.
- Revenues- Rental income- Ancillary and other rental income: $1.24 million compared to the $1.71 million average estimate based on four analysts. The reported number represents a change of -29.7% year over year.
- Revenues- Rental income- Recoveries: $29.68 million versus the four-analyst average estimate of $30.02 million. The reported number represents a year-over-year change of -16%.
- Revenues- Rental income: $119.59 million versus $121.30 million estimated by four analysts on average. Compared to the year-ago quarter, this number represents a -12% change.
- Revenues- Amortization of (above)/below-market rent, net: $1.15 million versus $1.99 million estimated by two analysts on average.
- Revenues- Rental income- Minimum rents: $76.06 million versus the two-analyst average estimate of $78.92 million. The reported number represents a year-over-year change of -14.5%.
- Revenues- Other property revenues: $1.03 million versus the two-analyst average estimate of $0.39 million. The reported number represents a year-over-year change of +7.1%.
- Revenues- Rental income- Lease termination fees: $3.05 million versus the two-analyst average estimate of $0.32 million. The reported number represents a year-over-year change of +2626.8%.
- Revenues- Straight-line rent, net: $0.68 million compared to the $0.81 million average estimate based on two analysts.
- Uncollectible revenue: $0.36 million versus -$0.55 million estimated by two analysts on average.
- Net Earnings Per Share (Diluted): -$0.13 compared to the $0.02 average estimate based on five analysts.
View all Key Company Metrics for SITE Centers Corp. here>>>Shares of SITE Centers Corp. have returned -5.1% over the past month versus the Zacks S&P 500 composite's -2.5% change. The stock currently has a Zacks Rank #5 (Strong Sell), indicating that it could underperform the broader market in the near term.