Eastgroup Properties (EGP) Tops Q3 EPS by 14c, Revenues Beat; Offers FY18 EPS Outlook Above Consensus

Eastgroup Properties (NYSE: EGP) reported Q3 EPS of $0.64, $0.14 better than the analyst estimate of $0.50. Revenue for the quarter came in at $75.33 million versus the consensus estimate of $74.25 million.

Commenting on EastGroup's performance, Marshall Loeb, CEO, stated, "Our third quarter results are a testament to the strength and depth of our team, the quality of our portfolio and the continued strength of the broad industrial market. We are reaping the rewards of a strong economy and the continued favorable evolution within the last mile logistics market. The 8.3% increase in quarterly FFO compared to prior year represents over seven years of quarterly increases with the exception of one quarter — an affirmation of our in-fill, shallow bay, Sunbelt operating strategy."

GUIDANCE:

Eastgroup Properties sees FY2018 EPS of $2.51-$2.53, versus the consensus of $2.40.

For earnings history and earnings-related data on Eastgroup Properties (EGP) click here.

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