The Macerich Company Beats Estimates (MAC)

The Macerich Company MAC announced on Thursday morning that it beat consensus Wall Street estimates. The Macerich Company reported that its quarterly net income fell to $8.4 million, or 6 cents per share, down from $142.8 million, or $1.75 per share, a year earlier. Funds from operations ("FFO") came in at $93.3 million, or 66 cents per share. Total revenue fell to $190.61 million, down from $200.66 million a year earlier. According to a survey of analysts by Thomson Reuters, the average Wall Street estimate called for earnings of 64 cents per share, on revenue of $177.46 million. Chairman and chief executive officer Arthur Coppola said, "We saw fundamentals make a very positive move during the quarter. We had significant tenant sales gains and portfolio occupancy gains, positive same center NOI growth, and positive releasing spreads. We successfully completed a number of very attractive refinancings and continue to benefit from a very strong capital market." The Macerich Company (MAC) closed the previous trading day at $46.18 per share. Analysts covering the company's stock give it a consensus price target of $44.96 per share. Read more from Benzinga's Company news.