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Compared to Estimates, Macerich (MAC) Q1 Earnings: A Look at Key Metrics

Zacks Equity Research
·2-min read

Macerich (MAC) reported $208.78 million in revenue for the quarter ended March 2024, representing a year-over-year decline of 2.8%. EPS of $0.31 for the same period compares to -$0.27 a year ago.

The reported revenue represents a surprise of -3.93% over the Zacks Consensus Estimate of $217.32 million. With the consensus EPS estimate being $0.39, the EPS surprise was -20.51%.

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.

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Here is how Macerich performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

  • Leasing Revenue- Minimum rents: $127.12 million compared to the $125.05 million average estimate based on three analysts. The reported number represents a change of +2.6% year over year.

  • Management Companies revenues: $8.23 million compared to the $7.27 million average estimate based on three analysts. The reported number represents a change of +21.8% year over year.

  • Leasing Revenue- Tenant recoveries: $58.03 million versus $58.27 million estimated by three analysts on average. Compared to the year-ago quarter, this number represents a -2.7% change.

  • Leasing Revenue- Percentage rents: $2.58 million versus $6.63 million estimated by three analysts on average. Compared to the year-ago quarter, this number represents a -53% change.

  • Net Earnings Per Share (Diluted): -$0.59 compared to the -$0.08 average estimate based on five analysts.

View all Key Company Metrics for Macerich here>>>

Shares of Macerich have returned -4.7% over the past month versus the Zacks S&P 500 composite's -2.5% 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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Zacks Investment Research