SL Green Realty (SLG) Q1 FY2024 earnings: revenue $188 million, down 23.6% on the year
SL Green Realty Corp. (SLG) reported revenue of $188 million for Q1 FY2024, the quarter ended 31 March 2024, down 23.6% on the same quarter a year earlier. Net income was $17 million, and diluted earnings per share $0.20. The figures are the company's own, from the 10-Q it filed with the SEC on 6 May 2024.
Revenue$188 milliondown 23.6%
Net income$17 million
Diluted EPS$0.20
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 | 188 | 212 | n/a | n/a |
| Selling, general and administrative | 21.3 | 42.3 | n/a | n/a |
| Operating income | 258 | n/a | n/a | n/a |
| Operating margin | 137.2% | n/a | n/a | |
| Interest expense | 48.9 | 45.2 | n/a | n/a |
| Pre-tax income | 18.4 | n/a | n/a | n/a |
| Income tax | 0.7 | 2.9 | n/a | n/a |
| Effective tax rate | 3.8% | n/a | n/a | |
| Net income | 16.9 | -152 | n/a | n/a |
| Net margin | 9.0% | -71.7% | n/a | |
| Diluted EPS | $0.20 | -$2.48 | n/a | n/a |
$ million except per share.
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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. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed.Cash flow and capital returned
| Line | Q1 FY2024 | Q4 FY2023 | A year earlier | Change on the year |
|---|---|---|---|---|
| Operating cash flow | -24.7 | 48.2 | n/a | n/a |
| Cash from investing | -3.7 | -100 | n/a | n/a |
| Cash from financing | 11.4 | 78.4 | n/a | n/a |
| Depreciation and amortisation | 50.1 | 54.9 | n/a | n/a |
| Buybacks | n/a | 0.0 | n/a | n/a |
| Dividends paid | 54.1 | 58.0 | n/a | n/a |
| Dividend per share | $0.75 | $0.25 | n/a | n/a |
| Diluted shares, weighted | 70m | 68m | n/a | n/a |
| Shares outstanding at period end | 66m | 66m | 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 | 3,736 | 3,786 | n/a | n/a |
| Non-controlling interest | 68.0 | 69.6 | n/a | n/a |
| Debt | 3,686 | 3,391 | n/a | n/a |
| Other liabilities | 2,275 | 2,285 | n/a | n/a |
| Total liabilities and equity | 9,764 | 9,531 | n/a | n/a |
| Intangible assets | 87.5 | 4.8 | n/a | n/a |
| Securities held for sale or to maturity | 10.7 | 9.6 | n/a | n/a |
| Loans | n/a | 8.8 | n/a | n/a |
| Cash and equivalents | 196 | 222 | n/a | n/a |
| Other assets | 9,470 | 9,286 | n/a | n/a |
| Total assets | 9,764 | 9,531 | n/a | n/a |
Questions
What was SL Green Realty's revenue in Q1 FY2024?
SL Green Realty (SLG) reported revenue of $188 million for Q1 FY2024, the quarter ended 31 March 2024, down 23.6% on the same quarter a year earlier.
How much did SL Green Realty earn in Q1 FY2024?
Net income for Q1 FY2024 was $17 million, and diluted earnings per share $0.20.
When did SL Green Realty report Q1 FY2024 results?
SL Green Realty filed its 10-Q for the quarter ended 31 March 2024 with the SEC on 6 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 | 210 | 212 | 188 | 223 | 230 | 246 | 240 | 242 | 245 | 276 | 253 | 264 |
| SG&A | 22.9 | 42.3 | 21.3 | 20.0 | 21.0 | 22.8 | 21.7 | 21.6 | 23.7 | 22.3 | 22.8 | 22.8 |
| Operating income | n/a | n/a | 258 | 176 | 149 | 147 | 136 | 129 | 209 | 177 | 145 | 160 |
| Operating margin | n/a | n/a | 137% | 79% | 65% | 60% | 57% | 53% | 85% | 64% | 57% | 61% |
| Interest expense | 52.9 | 45.2 | 48.9 | 49.5 | 51.3 | 46.6 | n/a | n/a | n/a | n/a | n/a | n/a |
| Pre-tax income | n/a | n/a | 18.4 | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a |
| Tax rate | n/a | n/a | 4% | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a |
| Net income | -20.2 | -152 | 16.9 | 1.6 | -9.5 | 13.1 | -17.3 | -7.4 | 28.6 | -101 | -80.7 | -22.8 |
| Net margin | -10% | -72% | 9% | 1% | -4% | 5% | -7% | -3% | 12% | -36% | -32% | -9% |
| Diluted EPS | -$0.38 | -$2.48 | $0.20 | -$0.04 | -$0.21 | $0.13 | -$0.30 | -$0.16 | $0.34 | -$1.49 | -$1.20 | -$0.38 |
| Operating cash flow | 77.3 | 48.2 | -24.7 | 79.4 | 16.7 | 58.2 | 6.7 | 54.5 | -6.8 | 28.5 | -17.6 | 88.0 |
| Buybacks | 0.0 | 0.0 | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a |
| Dividends paid | 57.9 | 58.0 | 54.1 | 54.3 | 54.3 | 56.0 | 60.2 | 60.2 | 60.6 | 61.7 | 2.8 | 49.9 |
| Shares outstanding | 65m | 66m | 66m | 66m | 66m | 71m | 71m | 71m | 71m | 71m | 71m | 71m |
| 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.
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* 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. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS 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 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 6 May 2024, accession 0001040971-24-000018: the filing on EDGAR. All of SL Green Realty Corp.'s filings: EDGAR company page.
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