EastGroup Properties Reports Q1 FFO In Line; Boosts FY15 Outlook

(RTTNews) - EastGroup Properties, Inc. (EGP) reported net income for the first quarter of $9.9 million or $0.31 per share, compared to $8.4 million or $0.27 per share for the year-ago quarter.

Funds from operations for the first quarter was $28.1 million or $0.87 per share, compared to $25.4 million or $0.82 per share in the prior year quarter.

Revenue for the first quarter rose to $57.59 million from $52.81 million a year ago.

Analysts polled by Thomson Reuters expected the company to report FFO of $0.87 per share on revenue of $57.69 million for the first quarter.

Looking forward to the second quarter, the company forecasts earnings of $0.31 to $0.33 per share and FFO of $0.89 to $0.91 per share.

FOr the full year 2015, the company forecasts earnings of $1.28 to $1.38 per share and FFO of $3.60 to $3.70 per share. Previously, the company forecast earnings of $1.21 to $1.31 per share and FFO of $3.57 to $3.67 per share.

Analysts currently expect the company to report FFO of $0.90 per share for the second quarter and $3.65 per share for the full year 2015.