SUI Earnings Prediction
The chart below shows how SUI performed 10 days before and after its earnings report, based on data from the past quarters. Typically, SUI sees a +1.41% change in stock price 10 days leading up to the earnings, and a -0.76% change 10 days following the report. On the earnings day itself, the stock moves by -0.20%. This data can give you a slight idea of what to expect for the next quarter's release.
SUI Key Earning Data
2024/Q4
Year Over Year
Quarter Over Quarter
Total Revenue
939.90M
-4.40%
8.78%
Gross Margin
30.36%
-12.33%
13.75%
Operating Margin
22.36%
-18.69%
18.43%
Net Margin
32.47%
76.95%
380.33%
EPS
2.33
76.52%
454.76%
No Data Available
SUI Earnings Analysis
Sun Communities, Inc Corporation (SUI.N) Earnings Conference Call
Positive
Asset Sales Proceeds: In the third quarter, Sun Communities disposed of eight manufactured housing communities for approximately $300 million, along with two manufactured housing land parcels for $37 million, bringing total proceeds from asset sales to $392 million year-to-date.
Debt Reduction and Rate Mix: As of September 30, total debt stood at $7.36 billion, a reduction of approximately $450 million from the end of 2023, and our floating to fixed rate mix currently stands at approximately 6%, down from 21% two years ago.
Core FFO Performance Analysis: For the quarter ended September 30, 2024, Sun reported core FFO per share of $2.34, reflecting a 0.5% increase driven by a 2.8% increase in revenues, offset by a 7.7% increase in expenses.
Rent Increase Notifications: In the manufactured housing segment, nearly 35% of our residents received rent increase notices for 2025 at the end of October with an average increase of 5.2%.
Projected Rental Rate Increases: We anticipate strong rental rate increases in 2025, with expectations of 5.2% in manufactured housing, 5.1% in annual RV, and 3.7% in the UK and marinas segments.
Negative
Core FFO Performance: The company reported a core FFO per share of $2.34, which is below expectations.
North America NOI Analysis: Total North America same-property NOI increased by only 0.5%, driven by a 2.8% increase in revenues offset by a 7.7% increase in expenses.
Q3 Results Disappointment: The third quarter results and adjusted 2024 guidance are below both our and the market's expectations, leading to disappointment in performance.
RV Segment NOI Decline: The RV segment faced a 6.9% decline in same-property NOI, largely attributed to a 10.4% reduction in transient revenue.
Quarterly Performance Challenges: The company acknowledged that the quarter was bad, and they are responsible for it, indicating challenges in achieving expense objectives.
SUI FAQs
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SUI Earning Call Sentiment
Sun Communities, Inc. (SUI) Q3 2024 Earnings Conference Call Transcript
1.0x
00:00
00:00
SUI.N
-0.51%Positive
The earnings call reflects mixed signals: strong core FFO per share and effective cost-saving strategies are positive, but challenges in transient RV and marina businesses, coupled with uncertainty in leadership succession, create potential risks. The reaffirmed guidance and rental rate increases are offset by weak performance in volatile segments. The Q&A highlights operational challenges and strategic uncertainties, leading to a neutral outlook.
