Equity One Earnings: A Turnaround to a Profit
Equity One Inc. (NYSE:EQY) reported its results for the third quarter. Equity One operates as a self-managed real estate investment trust which mainly acquires, renovates, develops, and manages neighborhood and community shopping centers anchored by leading supermarkets, drug stores, or discount retail store chains.
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Equity One Inc. Earnings Cheat Sheet
Results: Reported a profit of $8.1 million (27 cents per diluted share) in the quarter. Equity One Inc. had a net loss of $4.7 million or a loss 17 cents per share in the year-earlier quarter.
Actual vs. Wall St. Expectations: Equity One Inc. fell in line with the mean analyst estimate of 27 cents per share.
Quoting Management: “We are pleased with our third quarter operating results supported by favorable leasing trends, better than expected NOI growth and further execution of our portfolio strategy,” said Jeff Olson, CEO. “We continue to advance our capital recycling program and strengthen our balance sheet.”
The company fell in line with estimates last quarter after beating expectations in the previous two quarters. In the second quarter, it topped the mark by one cent, and in the first quarter, it was ahead by 2 cents.
Looking Forward: The average estimate for the fourth quarter is steady at 28 cents a share. For the fiscal year, the average estimate has been unchanged at $1.10 a share.
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(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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