EastGroup Properties Inc. (NYSE:EGP) delivered a profit and beat Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are up 0.05%.
EastGroup Properties Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased 3.9% to $0.80 in the quarter versus EPS of $0.77 in the year-earlier quarter.
Revenue: Rose 5.49% to $49.2 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: EastGroup Properties Inc. reported adjusted EPS income of $0.8 per share. By that measure, the company beat the mean analyst estimate of $0.78. It beat the average revenue estimate of $48.17 million.
Quoting Management: Commenting on EastGroup’s performance for the quarter, David H. Hoster II, President and CEO, stated, “We are pleased to report EastGroup continued its positive momentum in all aspects of its business – internal operations, development and acquisitions. Strong leasing results led to increased occupancy and positive same property operating results. We continued to expand our growing development program, and we acquired an attractive eight building complex in Dallas. As a result, second quarter FFO per share increased by 3.9% as compared to the same period last year.”
Key Stats (on next page)…