Equity One Earnings Cheat Sheet: Sales Surge Higher 23%

Equity One Inc. (NASDAQ:EQY) reported net income above Wall Street’s expectations for the first quarter. Equity One, Inc. 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 Earnings Cheat Sheet for the First Quarter

Results: Net income for Equity One Inc. rose to $58.5 million (51 cents/share) vs. $5.4 million (6 cents/share) in the same quarter a year earlier. A substantial increase from the year earlier quarter.

Revenue: Rose 23.1% to $85.8 million YoY.

Actual vs. Wall St. Expectations: EQY beat the mean analyst estimate of 28 cents/share. Estimates ranged from 26 cents per share to 28 cents per share.

Quoting Management: “We are pleased with our first quarter operating results as our operating fundamentals continue to stabilize,” said Jeff Olson, Chief Executive Officer of Equity One. “We continued to execute on our strategy of diversifying and upgrading the quality of our portfolio by completing the acquisition of Capital & Counties and Vons Circle Center and Circle Center West in Long Beach, California.”

Key Stats: Last quarter’s profit increase breaks a streak of four consecutive quarters of year-over-year profit drops. In fourth quarter of the last fiscal year, net income fell 10.7% from the year earlier while the figure fell 66.5% in the third quarter of the last fiscal year, 59.4% four quarters ago and 87.6% five quarters back.

Competitors to Watch: Kimco Realty Corporation (NYSE:KIM), General Growth Properties (NYSE:GGP), CBL & Associates (NYSE:CBL), Taubman Centers (NYSE:TCO), Glimcher Realty Trust (NYSE:GRT), Cedar Shopping Centers Inc (NYSE:CDR), Inland Real Estate Corp. (NYSE:IRC), The Macerich Company (NYSE:MAC), Agree Realty Corporation (NYSE:ADC), Urstadt Biddle Properties Inc. (NYSE:UBA), Ramco-Gershenson Properties Trust (NYSE:RPT), Federal Realty Inv. Trust (NYSE:FRT) and Simon Property Group (NYSE:SPG).

Stock Performance: Shares of EQY are trading at $19.50 as of May 5, 2011 at 7:11 PM ET, unchanged from the previous closing price of $19.57.


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