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EastGroup Properties Q1 Profit Rises

EastGroup Properties on Tuesday posted first-quarter net income of $27.4 million or $0.69 per share, higher than $23.3 million or $0.60 per share in the previous-year period.

On average, 7 analysts polled by Thomson Reuters expected the company to report earnings of $0.61 per share in the quarter. Analysts' estimates, usually, exclude one-time items.

In the quarter, funds from operations came in at $57.7 million or $1.45 per share, up from $51.2 million or $1.31 per share in the year-ago quarter.

Quarterly revenues rose to $98.0 million from $88.6 million in the same period last year, while analysts were looking for revenues of $94.5 million for the period.

Looking forward to the second quarter, the company expects net income between $26.6 million and $25 million. On a per share basis, earnings are expected between $0.66 and $0.62.

On average, 7 analysts expect the company to report earnings of $0.62 per share in the second quarter.

Funds from operations are expected between $58.3 million and $56.7 million in the second quarter. On a per share basis, funds from operations are expected between $1.46 and $1.42.

For the year ahead, the company expects net income between $105.7 million and $101.7 million. On a per share basis, earnings are expected between $2.63 and $2.53.

On average, 8 analysts expect the company to report earnings of $2.54 per share in fiscal 2021.

Funds from operations are expected between $234.6 million and $230.6 million in full-year 2021. On a per share basis, funds from operations are expected between $5.84 and $5.74.

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