AvalonBay Communities Announces Rise In Q1 Bottom Line

(RTTNews) - AvalonBay Communities (AVB) reported a profit for its first quarter that rose from last year.

The company's profit totaled $170.37 million, or $1.23 per share. This compares with $141.64 million, or $1.03 per share, in last year's first quarter.

Analysts had expected the company to earn $1.15 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter rose 3.5% to $460.27 million from $444.69 million last year.

AvalonBay Communities earnings at a glance:

-Earnings (Q1): $170.37 Mln. vs. $141.64 Mln. last year. -EPS (Q1): $1.23 vs. $1.03 last year. -Analysts Estimate: $1.15 -Revenue (Q1): $460.27 Mln vs. $444.69 Mln last year.