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SITE Centers Corp. (SITC) Q2 Earnings: Taking a Look at Key Metrics Versus Estimates
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For the quarter ended June 2024, SITE CENTERS CORP. (SITC - Free Report) reported revenue of $114.13 million, down 16.3% over the same period last year. EPS came in at $0.27, compared to $0.01 in the year-ago quarter.
The reported revenue represents a surprise of -0.50% over the Zacks Consensus Estimate of $114.7 million. With the consensus EPS estimate being $0.24, the EPS surprise was +12.50%.
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.
Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.
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: $1.46 million versus $1.98 million estimated by five analysts on average. Compared to the year-ago quarter, this number represents a -35.2% change.
Revenues- Rental income- Ancillary and other rental income: $1.06 million versus the four-analyst average estimate of $1.39 million. The reported number represents a year-over-year change of -26.9%.
Revenues- Rental income: $113.48 million versus the four-analyst average estimate of $116.64 million. The reported number represents a year-over-year change of -16.5%.
Revenues- Rental income- Recoveries: $28.55 million versus $28.24 million estimated by four analysts on average. Compared to the year-ago quarter, this number represents a -17.3% change.
Revenues- Other property revenues: $0.65 million compared to the $0.81 million average estimate based on two analysts. The reported number represents a change of +51.3% year over year.
Revenues- Rental income- Lease termination fees: $1.55 million versus $0.49 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a +505.5% change.
Revenues- Rental income- Minimum rents: $73.51 million compared to the $75.64 million average estimate based on two analysts. The reported number represents a change of -17.4% year over year.
Uncollectible revenue: -$0.37 million versus -$0.33 million estimated by two analysts on average.
Net Earnings Per Share (Diluted): $1.11 versus the five-analyst average estimate of $0.03.
Shares of SITE Centers Corp. have returned +8.6% over the past month versus the Zacks S&P 500 composite's +0.1% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.
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SITE Centers Corp. (SITC) Q2 Earnings: Taking a Look at Key Metrics Versus Estimates
For the quarter ended June 2024, SITE CENTERS CORP. (SITC - Free Report) reported revenue of $114.13 million, down 16.3% over the same period last year. EPS came in at $0.27, compared to $0.01 in the year-ago quarter.
The reported revenue represents a surprise of -0.50% over the Zacks Consensus Estimate of $114.7 million. With the consensus EPS estimate being $0.24, the EPS surprise was +12.50%.
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.
Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.
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: $1.46 million versus $1.98 million estimated by five analysts on average. Compared to the year-ago quarter, this number represents a -35.2% change.
- Revenues- Rental income- Ancillary and other rental income: $1.06 million versus the four-analyst average estimate of $1.39 million. The reported number represents a year-over-year change of -26.9%.
- Revenues- Rental income: $113.48 million versus the four-analyst average estimate of $116.64 million. The reported number represents a year-over-year change of -16.5%.
- Revenues- Rental income- Recoveries: $28.55 million versus $28.24 million estimated by four analysts on average. Compared to the year-ago quarter, this number represents a -17.3% change.
- Revenues- Other property revenues: $0.65 million compared to the $0.81 million average estimate based on two analysts. The reported number represents a change of +51.3% year over year.
- Revenues- Rental income- Lease termination fees: $1.55 million versus $0.49 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a +505.5% change.
- Revenues- Rental income- Minimum rents: $73.51 million compared to the $75.64 million average estimate based on two analysts. The reported number represents a change of -17.4% year over year.
- Uncollectible revenue: -$0.37 million versus -$0.33 million estimated by two analysts on average.
- Net Earnings Per Share (Diluted): $1.11 versus the five-analyst average estimate of $0.03.
View all Key Company Metrics for SITE Centers Corp. here>>>Shares of SITE Centers Corp. have returned +8.6% over the past month versus the Zacks S&P 500 composite's +0.1% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.