Tanger Factory Outlet Centers (SKT) Misses Q4 EPS by 5c, Revenues Beat; Offers FY19 EPS Mid-Point Guidance Below Consensus

Tanger Factory Outlet Centers (NYSE: SKT) reported Q4 EPS of $0.21, $0.05 worse than the analyst estimate of $0.26. Revenue for the quarter came in at $127.2 million versus the consensus estimate of $122.28 million.

Fourth Quarter Results

• Net income available to common shareholders was $0.21 per share, or $19.4 million, compared to net income available to common shareholders of $0.33 per share, or $31.2 million, for the prior year period. The current year period was impacted by a non-cash impairment charge related to certain assets in a Canadian unconsolidated joint venture totaling $7.2 million, or $0.07 per share.
• Funds from operations ("FFO") available to common shareholders was $0.64 per share, or $63.1 million, compared to $0.68 per share, or $67.5 million, for the prior year period.
• Adjusted funds from operations ("AFFO") available to common shareholders was $0.64 per share, or $63.1 million, compared to $0.66 per share, or $65.6 million, for the prior year period.

"Better performance in the fourth quarter enabled us to deliver sequential improvement in net operating income ("NOI") and to surpass expectations for 2018," said Steven B. Tanger, Chief Executive Officer. "In particular, we maintained high consolidated portfolio occupancy, ending the year at 96.8%. Sales growth and stable traffic also demonstrated the consumer's ongoing desire to buy the best brands at the best prices at our centers."

GUIDANCE:

Tanger Factory Outlet Centers sees FY2019 EPS of $0.90-$0.96, versus the consensus of $0.94.

For earnings history and earnings-related data on Tanger Factory Outlet Centers (SKT) click here.

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