Equity One Inc. (EQY) announced that its third-quarter net income attributable to Equity One was $15.3 million or $0.17 per share, compared to a net loss of $21.4 million or $0.29 per share, for third quarter 2008.
In the third quarter 2009, Equity One generated Funds From Operations of $31.3 million, or $0.36 per share, as compared to FFO for the same period in 2008 in which a loss of $9.9 million, or $0.13 per diluted share, was recorded. Analysts polled by Thomson Reuters expected the company to report earnings of $0.28 per share for the quarter. Analysts' estimates typically exclude special items.
Total revenues for the quarter were $66.82 million, compared to $56.46 million in the prior year quarter. Five analysts had consensus revenue estimate of $67.45 million for the quarter.
Equity One is revising its 2009 guidance of FFO from the previous range of $1.55 to $1.63, to a new range of $1.65 to $1.70 per share. Previous guidance for net income per diluted share of $0.92 to $0.98 is being revised to $0.98 to $1.01. Analysts expect the company to report earnings of $1.59 per share for fiscal 2009.
The board of directors of Equity One voted today to revise the company's dividend policy and declared a cash dividend of $0.22 per share of its common stock for the quarter ending December 31, 2009, payable on that date to stockholders of record on December 15, 2009. The $0.22 per share dividend represents an annualized rate of $0.88 per share compared to the previous annual dividend of $1.20 per share.
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