SITE Centers Climbs On Annual Outlook Better Than Street View

(RTTNews) - Shares of real estate investment trust SITE Centers Corp. (SITC) are up more than 5% in the morning trade on Thursday after reporting better-than-expected second quarter results. The company also raised its full-year outlook, better than view.

SITE Centers reported second quarter net income attributable to common shareholders of $13.8 million, or $0.06 per share, compared with net loss of $9.7 million, or $0.05 per share, in the year-ago period, due to impact of the COVID-19 pandemic and gains from asset sales. Analysts polled by Thomson Reuters expected the company to report earnings so $0.01 per share.

Revenue for the quarter increased to $126.71 million from $98.26 million a year ago. The consensus estimate was for $116.43 million.

Looking forward, the company has raised its full-year EPS outlook to the range of $0.15 - $0.20 from $0.04 - $0.13 provided earlier. Analysts expect earnings of $0.12 per share for the period.

SITC touched a new high of $16.36, before slipping to trade at $16.31 currently.