Macerich (MAC) FY2016 results: revenue $1.0 billion, down 19.2% on the year
Macerich Co. (MAC) reported revenue of $1.0 billion for fiscal 2016, the year ended 31 December 2016, down 19.2% on the year before. Net income was $517 million, up 6.0%, and diluted earnings per share $3.52. The figures are the company's own, from the 10-K it filed with the SEC on 24 February 2017.
Revenue
$1.0 billion
-19.2% on the year
FY2009FY2016
Operating margin
9.3%
6.7% a year earlier
FY2009FY2016
Net income
$517 million
+6.0% on the year
FY2009FY2016
Diluted EPS
$3.52
+14.3% on the year
FY2009FY2016
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Revenue
1,041
1,288
1,105
-19.2%
Operating income
96.7
86.0
55.0
+12.4%
Operating margin
9.3%
6.7%
5.0%
Interest expense
164
212
191
-22.8%
Income tax
0.7
-3.2
-4.3
Net income
517
488
1,499
+6.0%
Net margin
49.7%
37.8%
135.6%
Diluted EPS
$3.52
$3.08
$10.45
+14.3%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Operating cash flow
430
555
401
-22.6%
Capital expenditure
47.9
53.3
66.7
-10.3%
Free cash flow
382
502
334
-23.9%
Free cash flow margin
36.7%
38.9%
30.2%
Cash from investing
454
-101
-256
Cash from financing
-868
-452
-130
Depreciation and amortisation
355
471
388
-24.6%
Share-based compensation
33.3
28.4
29.5
+17.3%
Buybacks
800
400
0.0
+99.9%
Dividends paid
779
787
386
-1.0%
Dividend per share
$2.75
$4.63
$2.51
-40.6%
Diluted shares, weighted
147m
158m
143m
-7.2%
Shares outstanding at period end
144m
154m
158m
-6.7%
Balance sheet
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Shareholders' equity
4,106
4,715
5,640
-12.9%
Non-controlling interest
321
356
400
-9.7%
Debt
4,966
5,261
6,292
-5.6%
Other liabilities
565
904
790
-37.5%
Total liabilities and equity
9,958
11,236
13,122
-11.4%
Intangible assets
84.0
140
268
-39.8%
Cash and equivalents
94.0
86.5
84.9
+8.7%
Other assets
9,780
11,010
12,769
-11.2%
Total assets
9,958
11,236
13,122
-11.4%
10-K for the year ended 31 December 2016, filed 24 February 2017: the filing.