EastGroup Properties Q2 FFO Tops View - Quick Facts

(RTTNews) - EastGroup Properties Inc. (EGP) Thursday said second-quarter funds from operations, or FFO, was $22.9 million, compared to $21.7 million in the same period last year. On a per-share basis, FFO rose to $0.80 from $0.77 in the prior year quarter.

On average, 14 analysts polled by Thomson Reuters expected the company to report FFO of $0.78 per share for the quarter. Analysts' estimates typically exclude special items.

Net income attributable to common stockholders of the company increased to $7.64 million or $0.25 per share from $7.97 million or $0.28 per share in the comparable quarter last year.

Earnings from continuing operations totaled $7.8 million or $0.25 per share, up from $6.1 million or $0.21 per share last year.

Revenues for the latest second quarter rose to $49.18 million from $46.20 million last year, while ten analysts' expected revenues of $48.17 million.

Looking ahead to the third quarter, the company has forecast FFO in the range of $0.80 to $0.82 per share, earnings in the range of $0.24 to $0.26 per share. Analysts, based on consensus, currently expect the company to report FFO of $0.80 per share for the third quarter.

Full-year 2013 FFO is estimated to be in the range of $3.17 to $3.23 per share, earnings in the range of $0.98 and $1.04 per share. Analysts currently expect the company to report full-year FFO of $3.16 per share.

Earlier, the company expected FFO in the range of $3.10 to $3.20 per share and earnings in range of $1.01 to $1.11 per share for full-year 2013.