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.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.