Simon Property Group Inc Announces Retreat In Q2 Earnings

(RTTNews) - Simon Property Group Inc (SPG) reported a profit for second quarter that dropped from the same period last year.

The company's profit totaled $254.21 million, or $0.83 per share. This compares with $495.32 million, or $1.60 per share, in last year's second quarter.

Analysts had expected the company to earn $0.98 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter fell 24.3% to $1.06 billion from $1.40 billion last year.

Simon Property Group Inc earnings at a glance:

-Earnings (Q2): $254.21 Mln. vs. $495.32 Mln. last year. -EPS (Q2): $0.83 vs. $1.60 last year. -Analysts Estimate: $0.98 -Revenue (Q2): $1.06 Bln vs. $1.40 Bln last year.