EastGroup Properties Inc. (NYSE:EGP) delivered a profit and missed Wall Street’s expectations, BUT beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are down 0.17%.
EastGroup Properties Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share decreased 1.3% to $0.76 in the quarter versus EPS of $0.77 in the year-earlier quarter.
Revenue: Rose 2.83% to $48.3 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: EastGroup Properties Inc. reported adjusted EPS income of $0.76 per share. By that measure, the company missed the mean analyst estimate of $0.77. It beat the average revenue estimate of $47.24 million.
Quoting Management: Commenting on EastGroup’s performance for the first quarter, David H. Hoster II, President and CEO, stated, “FFO per share for the quarter met the mid-point of our guidance but decreased slightly compared to the same period last year. The positives for the quarter were increased property operating income from new developments and acquisitions while the negatives to FFO per share were our reduced leverage (positive for the Company), higher overhead and a gain on a sale in the first quarter of 2012. Same property operations were basically flat. Our development program continues its positive momentum with the start of construction of five projects during the first quarter. These increased our development program to 16 buildings with a projected total investment of $85 million. We hope to further increase this level over the balance of the year.”
Key Stats (on next page)…