Sun Communities (STU:SCZ) Operating Income : €482 Mil (TTM As of Dec. 2024)

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What is Sun Communities Operating Income?

Sun Communities's Operating Income for the three months ended in Dec. 2024 was €92 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Dec. 2024 was €482 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Sun Communities's Operating Income for the three months ended in Dec. 2024 was €92 Mil. Sun Communities's Revenue for the three months ended in Dec. 2024 was €707 Mil. Therefore, Sun Communities's Operating Margin % for the quarter that ended in Dec. 2024 was 12.96%.

Warning Sign:

Sun Communities Inc operating margin has been in a 5-year decline. The average rate of decline per year is -5.8%.

Sun Communities's 5-Year average Growth Rate for Operating Margin % was -5.80% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Sun Communities's annualized ROC % for the quarter that ended in Dec. 2024 was 2.01%. Sun Communities's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2024 was %.

Sun Communities Operating Income Historical Data

The historical data trend for Sun Communities'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.

Sun Communities Operating Income Chart

Sun Communities Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Operating Income

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236.61

395.68

525.62

514.16

499.08

Sun Communities Quarterly Data
	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24
Operating Income	Get a 7-Day Free Trial															67.40	58.97	146.60	184.44	91.68

Sun Communities 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. 2024 adds up the quarterly data reported by the company within the most recent 12 months, which was €482 Mil.

Sun Communities (STU:SCZ) Operating Income Explanation

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

Sun Communities's annualized ROC % for the quarter that ended in Dec. 2024 is calculated as:

	ROC % (Q: Dec. 2024 )
=	NOPAT	/	Average Invested Capital
=	Operating Income * ( 1 - Tax Rate % )	/	( (Invested Capital (Q: Sep. 2024 )	+	Invested Capital (Q: Dec. 2024 ))	/ count )
=	366.72 * ( 1 - 9.84% )	/	( (16142.046	+	16774.288)	/ 2 )
=	330.634752	/	16458.167
=	2.01 %

where

	Invested Capital		(Q: Sep. 2024 )
=	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	))
=	15393.675	-	462.393	-	( 73.702	-	max(0, 1934.988	-	724.224	+	73.702	))
=	16142.046

	Invested Capital		(Q: Dec. 2024 )
=	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	))
=	15804.677	-	413.229	-	( 45.267	-	max(0, 2078.844	-	696.004	+	45.267	))
=	16774.288

Note: The Operating Income data used here is four times the quarterly (Dec. 2024) data.

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

Sun Communities's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2024 is calculated as:

	ROC (Joel Greenblatt) %		(Q: Dec. 2024 )
=	EBIT	/	Average of (Net fixed Assets	+	Net Working Capital)
=	EBIT	/	Average of (Property, Plant and Equipment	+	Net Working Capital)
			Q: Sep. 2024		Q: Dec. 2024
=	EBIT	/	( ( (Property, Plant and Equipment + Net Working Capital)	+	(Property, Plant and Equipment + Net Working Capital) )	/	count )
=	-664.3	/	( ( (0 + max(-649.441, 0))	+	(0 + max(-589.712, 0)) )	/	2 )
=	-664.3	/	( ( 0	+	0 )	/	2 )
=	-664.3	/	0
=	%

where Working Capital is:

	Working Capital		(Q: Sep. 2024 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(0	+	157.495	+	1.1368683772162E-13)	-	(462.393	+	344.542	+	0.0010000000002037)
=	-649.441

	Working Capital		(Q: Dec. 2024 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(0	+	123.959	+	15.662)	-	(413.229	+	316.105	+	-0.0010000000002037)
=	-589.712

When net working capital is negative, 0 is used.

Note: The EBIT data used here is four times the quarterly (Dec. 2024) EBIT data.

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

Sun Communities's Operating Margin % for the quarter that ended in Dec. 2024 is calculated as:

Operating Margin %	=	Operating Income (Q: Dec. 2024 )	/	Revenue (Q: Dec. 2024 )
	=	91.68	/	707.273
	=	12.96 %

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.

Sun Communities Operating Income Related Terms

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Sun Communities Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Real Estate » REITs » Sun Communities Inc (STU:SCZ) » Definitions » Operating Income

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SUI:USA S2UI34:Brazil

Address

27777 Franklin Road, Suite 300, Southfield, MI, USA, 48034

Website

https://www.suncommunities.com

Sun Communities is a residential REIT that focuses on owning manufactured housing, residential vehicle communities, and marinas. The company currently owns a portfolio of 666 properties, which includes 350 manufactured housing communities, 179 residential vehicle communities, and 137 marina properties. Sun targets owning properties that are desirable as second homes or vacation properties with nearly 50% of the portfolio located in either Florida or Michigan near major bodies of water.