logo
  

EastGroup Properties Q3 FFO Rises

EastGroup Properties Inc (EGP) Thursday reported third-quarter funds from operations of $28.1 million or $0.89 per share, up from $25.3 million or $0.83 per share last year.

Net income rose to $17.73 million or $0.56 per share from $8.36 million or $0.28 per share last year.

Revenues for the quarter rose to $55.96 million from $51.18 million last year.

Analysts polled by Thomson Reuters estimated FFO of $0.88 per share on revenues of $54.89 million for the quarter. Analysts' estimates typically exclude special items.

Looking forward to the fourth quarter, the company expects FFO of $0.90 to $0.92 per share and earnings of $0.40 to $0.42 per share. Analysts currently estimate FFO of $0.90 per share for the quarter.

For the full year, the company now expects FFO of $3.45 to $3.47 per share and earnings of $1.53 to $1.55 per share. Analysts currently projects FFO of $3.45 per share for the year.

Earlier, the company expected earnings of $1.22 per share to $1.28 per share and FFO of $3.42 to $3.48 per share.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
French drug major Sanofi reported Thursday weak profit in its first quarter, despite higher net sales. The company also maintained its fiscal 2024 outlook. Sanofi shares were gaining around 4 percent in Paris trading as well as in pre-market activity on the Nasdaq. While reporting financial results for the first quarter on Wednesday, medical devices company Boston Scientific Corp. (BSX) raised its adjusted earnings and net sales growth guidance for the full-year 2024. For fiscal 2024, the company now projects earnings in a range of $1.43 to $1.48 per share and... Shares of Roche Holding AG were losing around 3 percent in Switzerland after the drug major reported weak sales in its first quarter and confirmed fiscal 2024 outlook. Excluding COVID-19-related products, quarterly sales increasedy 7 percent. For fiscal 2024, Roche continues to expect an increase in group sales in the mid single digit range at constant exchange rates.

This week, we feature Nigeria’s combat with meningitis, Hostile takeover bid for Vanda Pharma, US opioid crisis, Sammy’s Milk’s safety concerns, and X4’s Mavorixafor’s fast-track status.

View More Videos
RELATED NEWS
Follow RTT