AvalonBay Communities Q1 adjusted earnings Beat Estimates

(RTTNews) - AvalonBay Communities (AVB) revealed earnings for first quarter that dropped from the same period last year.

The company's profit came in at $167.97 million, or $1.19 per share. This compares with $170.37 million, or $1.23 per share, in last year's first quarter.

Excluding items, AvalonBay Communities reported adjusted earnings of $335.76 million or $2.39 per share for the period.

Analysts had expected the company to earn $1.19 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

AvalonBay Communities earnings at a glance:

-Earnings (Q1): $335.76 Mln. vs. $319.88 Mln. last year. -EPS (Q1): $2.39 vs. $2.30 last year. -Analysts Estimate: $1.19