Saul Centers (Saul Centers) Operating Income : $118.2 Mil (TTM As of Dec. 2023)

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What is Saul Centers Operating Income?

Saul Centers's Operating Income for the three months ended in Dec. 2023 was $30.1 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Dec. 2023 was $118.2 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Saul Centers's Operating Income for the three months ended in Dec. 2023 was $30.1 Mil. Saul Centers's Revenue for the three months ended in Dec. 2023 was $66.7 Mil. Therefore, Saul Centers's Operating Margin % for the quarter that ended in Dec. 2023 was 45.14%.

Saul Centers's 5-Year average Growth Rate for Operating Margin % was -0.50% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Saul Centers's annualized ROC % for the quarter that ended in Dec. 2023 was 5.50%. Saul Centers's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2023 was %.

Saul Centers Operating Income Historical Data

The historical data trend for Saul Centers's Operating Income can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

Saul Centers Operating Income Chart

Saul Centers Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Operating Income

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106.47

96.56

107.07

109.98

118.18

Saul Centers Quarterly Data
	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23
Operating Income	Get a 7-Day Free Trial															27.17	29.48	29.47	29.13	30.10

Saul Centers Operating Income Calculation

Operating Income, is the profit a company earned through operations. All expenses, including cash expenses such as cost of goods sold (COGS), research & development, wages, and non-cash expenses, such as depreciation, depletion and amortization, have been deducted from the sales.

Operating Income for the trailing twelve months (TTM) ended in Dec. 2023 adds up the quarterly data reported by the company within the most recent 12 months, which was $118.2 Mil.

Saul Centers (NYSE:BFS) Operating Income Explanation

1. Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition.

Saul Centers's annualized ROC % for the quarter that ended in Dec. 2023 is calculated as:

	ROC % (Q: Dec. 2023 )
=	NOPAT	/	Average Invested Capital
=	Operating Income * ( 1 - Tax Rate % )	/	( (Invested Capital (Q: Sep. 2023 )	+	Invested Capital (Q: Dec. 2023 ))	/ count )
=	120.392 * ( 1 - 0% )	/	( (2169.941	+	2204.413)	/ 2 )
=	120.392	/	2187.177
=	5.50 %

where

	Invested Capital		(Q: Sep. 2023 )
=	Total Assets	-	Accounts Payable & Accrued Expense	-	Excess Cash
=	Total Assets	-	Accounts Payable & Accrued Expense	-	( Cash, Cash Equivalents, Marketable Securities	-	max(0, Total Current Liabilities	-	Total Current Assets	+	Cash, Cash Equivalents, Marketable Securities	))
=	1960.923	-	83.301	-	( 6.586	-	max(0, 355.799	-	63.48	+	6.586	))
=	2169.941

	Invested Capital		(Q: Dec. 2023 )
=	Total Assets	-	Accounts Payable & Accrued Expense	-	Excess Cash
=	Total Assets	-	Accounts Payable & Accrued Expense	-	( Cash, Cash Equivalents, Marketable Securities	-	max(0, Total Current Liabilities	-	Total Current Assets	+	Cash, Cash Equivalents, Marketable Securities	))
=	1994.137	-	79.959	-	( 8.407	-	max(0, 354.674	-	64.439	+	8.407	))
=	2204.413

Note: The Operating Income data used here is four times the quarterly (Dec. 2023) data.

2. Joel Greenblatt's definition of Return on Capital:

Saul Centers's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2023 is calculated as:

	ROC (Joel Greenblatt) %		(Q: Dec. 2023 )
=	EBIT	/	Average of (Net fixed Assets	+	Net Working Capital)
=	EBIT	/	Average of (Property, Plant and Equipment	+	Net Working Capital)
			Q: Sep. 2023		Q: Dec. 2023
=	EBIT	/	( ( (Property, Plant and Equipment + Net Working Capital)	+	(Property, Plant and Equipment + Net Working Capital) )	/	count )
=	118.308	/	( ( (0 + max(-49.384, 0))	+	(0 + max(-23.927, 0)) )	/	2 )
=	118.308	/	( ( 0	+	0 )	/	2 )
=	118.308	/	0
=	%

where Working Capital is:

	Working Capital		(Q: Sep. 2023 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(56.894	+	0	+	0)	-	(83.301	+	22.977	+	0)
=	-49.384

	Working Capital		(Q: Dec. 2023 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(56.032	+	0	+	0)	-	(79.959	+	0	+	0)
=	-23.927

When net working capital is negative, 0 is used.

Note: The EBIT data used here is four times the quarterly (Dec. 2023) EBIT data.

3. Operating Income is also linked to Operating Margin %:

Saul Centers's Operating Margin % for the quarter that ended in Dec. 2023 is calculated as:

Operating Margin %	=	Operating Income (Q: Dec. 2023 )	/	Revenue (Q: Dec. 2023 )
	=	30.098	/	66.683
	=	45.14 %

4. Please click Growth Rate Calculation Example (GuruFocus) to see how GuruFocus calculates Wal-Mart Stores Inc (WMT)'s revenue growth rate. You can apply the same method to get the Operating Income growth rate using Operating Income per share data.

Be Aware

Compared with a company's EBITDA margin, Operating Margin can be manipulated by adjusting the rate of depreciation, depletion and amortization (DDA).

If a company is facing competition, its Operating Margin may decline. Often the Operating Margin declines well before the company's revenue or even profit decline. Therefore, Operating Margin is a very important indicator of whether the company is facing problems.

For instance, by 2012, Nokia (NOK)'s problems were well known and its stock had lost more than 90% of its market value since 2007. But Nokia's Operating Margin had already been in decline since 2002, although its earnings per share were still rising. Investors who paid attention to Operating Margin would have avoided this huge loss. The same can be said for Research-in-Motion (RIMM).

Therefore, Operating Margin is a very important screening filter for GuruFocus. GuruFocus's Buffett-Munger screener requires that the profit margin is either consistent or expanding. The Model Portfolio of the Buffett-Munger screener has outperformed the market every year since inception in 2009.

Saul Centers Operating Income Related Terms

Thank you for viewing the detailed overview of Saul Centers's Operating Income provided by GuruFocus.com. Please click on the following links to see related term pages.

Saul Centers (Saul Centers) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Real Estate » REITs » Saul Centers Inc (NYSE:BFS) » Definitions » Operating Income

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Address

7501 Wisconsin Avenue, Suite 1500E, Bethesda, MD, USA, 20814-6522

Website

https://www.saulcenters.com

Saul Centers Inc is a self-managed real estate investment trust which invests in, operates, and develops retail and commercial properties. The company's portfolio includes community and neighbourhood shopping centres, office properties, and mixed-use properties. Properties are primarily located in the Washington, D.C. and Maryland metropolitan areas. Saul Centers operates through two business segments: shopping centers, which contribute the maximum portion of total revenue; and mixed-use properties. Major tenants include grocery stores, discount department stores, and drug stores.

Executives

Saul B Francis Ii	director, 10 percent owner, officer: Chief Executive Officer	8401 CONNECTICUT AVE, CHEVY CHASE MD 20815
Carlos Lawrence Heard	officer: Senior Vice President & CFO	7501 WISCONSIN AVENUE, SUITE 1500, BETHESDA MD 20814
David Todd Pearson	officer: Executive V.P.-Real Estate	7501 WISCONSIN AVENUE, SUITE 1500, BETHESDA MD 20895
Patricia Saul Lotuff	director	7501 WISCONSIN AVENUE, 15TH FLOOR, BETHESDA MD 20814
John E Chapoton	director	BROWN INVESTMENT ADVISORY INCORPORATED, 1717 H STREET, NW, FIFTH FLOOR, WASHINGTON DC 20006
H. Gregory Platts	director	7501 WISCONSIN AVENUE, 15TH FLOOR, BETHESDA MD 20814
Clancy George Patrick Jr	director	1100 H ST NW, WASHINGTON DC 20080
Philip D Caraci	director
James Page Lansdale	officer: Exec. VP - Real Estate	7501 WISCONSIN AVENUE, SUITE 1500, BETHESDA MD 20814
Joel Albert Friedman	officer: Sr. V.P./Chief Acctng Officer	7501 WISCONSIN AVENUE, SUITE 1500, BETHESDA MD 20814
Mark Iii Sullivan	director	7501 WISCONSIN AVENUE, SUITE 1500, BETHESDA MD 20814
John F Collich	officer: Sr. VP-Acquisitions & Dev.
Lori Godby	officer: Senior Vice Pres.-Residential	7501 WISCONSIN AVENUE, SUITE 1500, BETHESDA MD 20814
Judith K. Garland	officer: SVP, Office and Retail	7501 WISCONSIN AVENUE, SUITE 1500, BETHESDA MD 20814
Willoughby B. Laycock	director, officer: VP-Residential Development	7501 WISCONSIN AVE., SUITE 1400, BETHESDA MD 20814