Shares of Tanger Factory Outlet Centers Inc. (SKT) soared 5% on Wednesday, outpacing the broader market, after the company reported better-than-expected financial results for the third quarter of 2024.
The shopping mall operator posted adjusted earnings per share of $0.22 for the quarter ended September 30, surpassing the average analyst estimate of $0.21. Revenue climbed 13.3% year-over-year to $133 million, exceeding expectations of $125.86 million.
Tanger's strong performance in Q3 2024 extends its streak of beating earnings estimates for the past four quarters. Analysts have raised their earnings forecasts for the company in recent months, suggesting growing confidence in its prospects.