EastGroup Q2 Results Beat Street

(RTTNews) - EastGroup Properties, Inc. (EGP) on Tuesday reported its second-quarter earnings and revenues that beat the Street estimates.

The company reported a net income of $43.45 million or $0.97 per share for the quarter, a decrease from the last year's profit of $46.14 million or $1.09 per share. It beat the average estimated earnings of $0.92 per share polled by Thomson Reuters analysts.

For the three months, funds from operations attributable to common stockholders were $1.91 per share compared to $1.72 per share during the same period of 2022, an increase of 11.0%.

Revenue increased to $139.89 million from $118.55 million the previous year. It beat consensus estimate of $136.75 million

For the full year, the company expects earnings in the range of $3.84 to $3.94 per share, compared to the consensus of earnings per share of $3.78.

FFO per share attributable to common stockholders for 2023 is now estimated to be in the range of $7.58 to $7.68.

Previously, the company expected earnings of $3.73 to $3.85 per share and FFO per share of $7.49 to $7.61.