Tanger Profit Tops Estimate; Lifts Lower End Of FY EPS Range

(RTTNews) - Tanger Factory Outlet Centers Inc (SKT), a real estate investment trust, Tuesday reported third-quarter funds from operations to common stockholders of $51.7 million or $0.52 per share compared with $56.2 million or $0.57 per share last year.

Analysts polled by Thomson Reuters estimated FFO of $0.51 per share for the quarter. Analysts' estimates typically exclude special items.

Net earnings for the quarter were $22.5 million or $0.24 per share compared with $52.7 million or $0.56 per share last year.

Revenues for the quarter were $105.3 million compared with $97.9 million in the prior year.

Analysts estimated revenues of $102 million for the quarter.

For the full year, the company lifted the lower end of its adjusted FFO guidance by one cent, now expecting that to be in the range of $1.95 to $1.98 per share.

Analysts expect FFO of $1.94 per share for the year.