Macerich Company Turns To Profit In Q4; Issues FY23 Guidance

(RTTNews) - The Macerich Company (MAC) reported fourth quarter net income attributable to the company of $1.7 million or $0.01 per share, compared to a net loss attributable to the company of $17.1 million or $0.08 per share, last year.

On average, six analysts polled by Thomson Reuters expected the company to report profit per share of $0.02, for the quarter. Analysts' estimates typically exclude special items.

Funds from Operations, excluding financing expense in connection with Chandler Freehold, was $119.5 million or $0.53 per share, compared to $118.7 million or $0.53 per share for FFO excluding financing expense in connection with Chandler Freehold and loss on extinguishment of debt for the quarter ended December 31, 2021.

Total revenues were $228.23 million compared to $229.40 million, last year. Analysts on average had estimated $228.83 million in revenue. Same center net operating income, excluding lease termination income, increased 2.0% in the fourth quarter of 2022, and increased 0.7% when including lease termination income.

For fiscal 2023, the company projects FFO per share, excluding financing expense in connection with Chandler Freehold, in a range of $1.75 - $1.85. Loss per share is projected in a range of $0.13 - $0.03. For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com.