Macerich Co. Announces 9% Decline In Q3 Profit

(RTTNews) - Macerich Co. (MAC) reported a profit for third quarter that declined from last year.

The company said its bottom line declined to $155.01 million, or $1.00 per share. This was lower than $170.71 million, or $1.01 per share, in last year's third quarter.

Analysts had expected the company to earn $1.05 per share, according figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company said revenue for the quarter fell 22.3% to $253.37 million. This was down from $326.26 million last year.

Macerich Co. earnings at a glance:

-Earnings (Q3): $155.01 Mln. vs. $170.71 Mln. last year. -Earnings Decline (Y-o-Y): -9.2% -EPS (Q3): $1.00 vs. $1.01 last year. -EPS Decline (Y-o-Y): -1.0% -Analysts Estimate: $1.05 -Revenue (Q3): $253.37 Mln vs. $326.26 Mln last year. -Revenue Change (Y-o-Y): -22.3%

-Guidance: Full year EPS guidance: $4.05 - $4.10