Macerich (MAC) Q1 FY2024 earnings: revenue $209 million, down 2.8% on the year

Macerich Co. (MAC) reported revenue of $209 million for Q1 FY2024, the quarter ended 31 March 2024, down 2.8% on the same quarter a year earlier. Net income was -$127 million, and diluted earnings per share $-0.59. The figures are the company's own, from the 10-Q it filed with the SEC on 9 May 2024.

Revenue$209 milliondown 2.8%

Net income-$127 million

Diluted EPS$-0.59

QuarterQ1 FY2024ended 31 March 2024

The quarter, against the one before and a year earlier

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Revenue	209	239	n/a	n/a
Operating income	-23.3	45.8	n/a	n/a
Operating margin	-11.2%	19.2%	n/a
Income tax	-1.2	-0.7	n/a	n/a
Net income	-127	62.2	n/a	n/a
Net margin	-60.7%	26.1%	n/a
Diluted EPS	-$0.59	$0.29	n/a	n/a

$ million except per share.

Fourth quarters are the year less the first three quarters. Free 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 and capital returned

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Operating cash flow	61.1	49.4	n/a	n/a
Capital expenditure	7.3	25.8	n/a	n/a
Free cash flow	53.8	23.6	n/a	n/a
Free cash flow margin	25.8%	9.9%	n/a
Cash from investing	-27.0	20.2	n/a	n/a
Cash from financing	0.7	-87.4	n/a	n/a
Depreciation and amortisation	71.4	72.7	n/a	n/a
Share-based compensation	2.7	2.3	n/a	n/a
Dividends paid	39.2	39.2	n/a	n/a
Dividend per share	$0.17	n/a	n/a	n/a
Diluted shares, weighted	216m	225m	n/a	n/a
Shares outstanding at period end	216m	216m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Shareholders' equity	2,287	2,447	n/a	n/a
Non-controlling interest	73.5	80.6	n/a	n/a
Debt	4,099	4,136	n/a	n/a
Other liabilities	904	850	n/a	n/a
Total liabilities and equity	7,363	7,514	n/a	n/a
Cash and equivalents	120	94.9	n/a	n/a
Other assets	7,243	7,419	n/a	n/a
Total assets	7,363	7,514	n/a	n/a

Questions

What was Macerich's revenue in Q1 FY2024?

Macerich (MAC) reported revenue of $209 million for Q1 FY2024, the quarter ended 31 March 2024, down 2.8% on the same quarter a year earlier.

How much did Macerich earn in Q1 FY2024?

Net loss for Q1 FY2024 was $127 million, and the diluted loss per share $0.59.

When did Macerich report Q1 FY2024 results?

Macerich filed its 10-Q for the quarter ended 31 March 2024 with the SEC on 9 May 2024.

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	218	239	209	216	220	274	249	250	253	262	242	250
Operating income	-13.5	45.8	-23.3	-2.4	-20.0	5.2	-37.2	-30.8	-27.8	-20.0	-36.5	-27.7
Operating margin	-6%	19%	-11%	-1%	-9%	2%	-15%	-12%	-11%	-8%	-15%	-11%
Net income	-263	62.2	-127	252	-108	-211	-50.1	-40.9	-87.4	-18.8	-36.4	-27.1
Net margin	-120%	26%	-61%	117%	-49%	-77%	-20%	-16%	-34%	-7%	-15%	-11%
Diluted EPS	-$1.22	$0.29	-$0.59	$1.16	-$0.50	-$0.89	-$0.20	-$0.16	-$0.34	-$0.07	-$0.14	-$0.10
Operating cash flow	107	49.4	61.1	67.4	100	54.9	88.5	70.5	112	50.2	77.4	66.9
Capital expenditure	13.4	25.8	7.3	15.8	19.3	15.9	6.8	10.7	17.8	31.1	28.7	25.1
Free cash flow	94.0	23.6	53.8	51.6	80.7	39.0	81.7	59.8	94.6	19.1	48.7	41.8
Dividends paid	39.0	39.2	39.2	41.0	39.8	41.2	50.4	45.7	45.9	46.2	49.0	51.8
Shares outstanding	216m	216m	216m	216m	226m	253m	253m	253m	256m	257m	261m	284m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 31 March 2024, filed 9 May 2024, accession 0000912242-24-000083: the filing on EDGAR. All of Macerich Co.'s filings: EDGAR company page.

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