SUN Communities (SUI) Q3 FY2024 earnings: revenue $680 million, down 30.8% on the year

SUN Communities Inc. (SUI) reported revenue of $680 million for Q3 FY2024, the quarter ended 30 September 2024, down 30.8% on the same quarter a year earlier. Net income was $300 million, up 136.6% on the year, and diluted earnings per share $2.31. The figures are the company's own, from the 10-Q it filed with the SEC on 7 November 2024.

Revenue$680 milliondown 30.8%

Net income$300 millionup 136.6%

Diluted EPS$2.31

QuarterQ3 FY2024ended 30 September 2024

The quarter, against the one before and a year earlier

Line	Q3 FY2024	Q2 FY2024	Q3 FY2023	Change on the year
Revenue	680	596	983	-30.8%
Operating income	93.5	32.8	142	-34.4%
Operating margin	13.7%	5.5%	14.5%
Interest expense	87.7	89.8	84.1	+4.3%
Net income	300	56.7	127	+136.6%
Net margin	44.2%	9.5%	12.9%
Diluted EPS	$2.31	$0.42	$1.31	+76.3%

$ million except per share.

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	Q3 FY2024	Q2 FY2024	Q3 FY2023	Change on the year
Operating cash flow	189	311	223	-15.2%
Cash from investing	154	-193	-236	n/a
Cash from financing	-367	-147	6.9	n/a
Depreciation and amortisation	124	123	163	-23.7%
Share-based compensation	6.7	10.1	9.9	-32.3%
Buybacks	0.0	n/a	n/a	n/a
Dividend per share	$0.94	$0.94	n/a	n/a
Diluted shares, weighted	124m	124m	124m	+0.4%
Shares outstanding at period end	127m	125m	124m	+2.4%

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	Q3 FY2024	Q2 FY2024	Q3 FY2023	Change on the year
Shareholders' equity	7,456	6,884	7,740	-3.7%
Non-controlling interest	121	85.5	96.0	+25.6%
Redeemable equity	263	260	300	-12.2%
Debt	n/a	n/a	7,665	n/a
Other liabilities	9,246	9,782	1,805	+412.3%
Total liabilities and equity	17,085	17,011	17,605	-3.0%
Goodwill	743	732	1,084	-31.5%
Intangible assets	351	354	375	-6.4%
Cash and equivalents	81.8	104	62.0	+31.9%
Other assets	15,910	15,821	16,084	-1.1%
Total assets	17,085	17,011	17,605	-3.0%

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	983	727	469	596	680	746	470	496	697	n/a	508	485
Operating income	142	-14.2	-50.5	32.8	93.5	-218	-42.5	-73.2	-1.9	n/a	23.5	50.2
Operating margin	14%	-2%	-11%	6%	14%	-29%	-9%	-15%	-0%	n/a	5%	10%
Interest expense	84.1	85.9	89.7	89.8	87.7	83.2	82.1	54.4	41.5	n/a	38.4	38.1
Net income	127	-80.9	-25.2	56.7	300	-228	-41.2	1,314	12.1	n/a	-6.4	-1,016
Net margin	13%	-11%	-5%	10%	44%	-31%	-9%	265%	2%	n/a	-1%	-210%
Diluted EPS	$1.31	-$0.65	-$0.22	$0.42	$2.31	-$1.77	-$0.34	$10.02	$0.07	n/a	-$0.07	-$8.08
Operating cash flow	223	118	242	311	189	118	244	256	198	n/a	269	266
Buybacks	n/a	n/a	n/a	n/a	0.0	n/a	0.0	203	298	n/a	60.1	111
Dividends paid	n/a	n/a	n/a	n/a	n/a	n/a	123	n/a	132	n/a	n/a	n/a
Shares outstanding	124m	124m	125m	125m	127m	127m	128m	126m	124m	123m	123m	122m
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. A fourth quarter left blank is one the arithmetic cannot give yet: the annual report changed the basis of the year (a business sold or spun off, a line regrouped), so the year less the three quarters as first filed would not be a quarter of anything. It fills in once the three quarters have been refiled on the new basis. 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 30 September 2024, filed 7 November 2024, accession 0000912593-24-000247: the filing on EDGAR. All of SUN Communities Inc.'s filings: EDGAR company page.

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