Taubman Centers Inc. (TCO) reported that its first-quarter Funds from Operations attributable to the company was $58.2 million or $0.90 per share, compared to $44.8 million or $0.75 per share in the year ago quarter.
On average, thirteen analysts polled by Thomson Reuters expected the company to earn $0.85 per share. Analysts' estimates typically exclude special items.
Net income attributable to common shareowners was $27.7 million or $0.43 per share, compared to $17.5 million or $0.30 per share in the same quarter last year.
Total revenues for the quarter rose to $183.26 million from $169.26 million in the prior year quarter, while four analysts had consensus revenue estimate of $179.46 million for the quarter.
For 2013, the company is adjusting its guidance and expects FFO per share to be in the range of $3.57 to $3.67 from the previous range of $3.57 to $3.70. The change includes the negative 6.5 cent impact of the company's March 2013 Series K Preferred Stock offering.
Net income allocable to common shareholders for the year is expected to be in the range of $1.67 to $1.82. Analysts expected the company to report earnings of $3.67 per share for fiscal 2013.
Earlier, the company expected earnings to be in the range of $1.67 to $1.85 per share.
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