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Tanger (SKT) Q3 FFO and Revenues Surpass Estimates
SKTTanger Outlets(SKT) ZACKS·2024-11-07 00:00

Core Viewpoint - Tanger (SKT) reported quarterly funds from operations (FFO) of 0.54pershare,exceedingtheZacksConsensusEstimateof0.54 per share, exceeding the Zacks Consensus Estimate of 0.53 per share, and showing an increase from 0.50pershareayearago[1][2]FinancialPerformance−Thecompanyachievedrevenuesof0.50 per share a year ago [1][2] Financial Performance - The company achieved revenues of 125.22 million for the quarter ended September 2024, surpassing the Zacks Consensus Estimate by 0.42%, compared to 110.84millioninthesamequarterlastyear[2]−Overthelastfourquarters,TangerhasconsistentlyexceededconsensusFFOestimates[2]StockPerformance−Tangershareshaveincreasedapproximately20.8110.84 million in the same quarter last year [2] - Over the last four quarters, Tanger has consistently exceeded consensus FFO estimates [2] Stock Performance - Tanger shares have increased approximately 20.8% since the beginning of the year, while the S&P 500 has gained 21.2% [3] - The stock's immediate price movement will largely depend on management's commentary during the earnings call [3] Future Outlook - The current consensus FFO estimate for the upcoming quarter is 0.52, with expected revenues of 128.42million,andforthecurrentfiscalyear,theestimateis128.42 million, and for the current fiscal year, the estimate is 2.10 on revenues of $493.24 million [7] - The estimate revisions trend for Tanger is currently favorable, leading to a Zacks Rank 2 (Buy) for the stock, indicating expected outperformance in the near future [6] Industry Context - The REIT and Equity Trust - Retail industry is currently ranked in the top 37% of over 250 Zacks industries, suggesting a positive outlook for stocks within this sector [8]