EastGroup Properties Q2 Profit Down

(RTTNews) - EastGroup Properties, Inc. (EGP) Tuesday reported second-quarter net income of $21.66 million or $0.60 per share, compared to $23.20 million or $0.73 per share last year.

Funds from operations for the quarter was $1.33 per share, compared to $1.22 per share last year.

Second-quarter revenues rose to $89.72 million from $82.10 million last year.

Analysts polled by Thomson Reuters estimated earnings of $0.55 per share and revenues of $88.70 million. Analysts' estimates typically exclude one-time items.

Looking forward to, EastGroup now estimates earnings of $2.23 to $2.33 per share and FFO per share of $5.23 to $5.33. Analysts currently estimate earnings of $2.22 per share.