Simon Property Group Inc Q1 adjusted earnings Beat Estimates

(RTTNews) - Simon Property Group Inc (SPG) reported a profit for first quarter that fell from last year.

The company's profit totaled $437.61 million, or $1.43 per share. This compares with $548.48 million, or $1.78 per share, in last year's first quarter.

Excluding items, Simon Property Group Inc reported adjusted earnings of $851.00 million or $2.78 per share for the period.

Analysts had expected the company to earn $1.63 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter fell 6.9% to $1.35 billion from $1.45 billion last year.

Simon Property Group Inc earnings at a glance:

-Earnings (Q1): $851.00 Mln. vs. $939.60 Mln. last year. -EPS (Q1): $2.78 vs. $3.04 last year. -Analysts Estimate: $1.63 -Revenue (Q1): $1.35 Bln vs. $1.45 Bln last year.