EastGroup’s earnings up 44% on property sale gains
by Associated Press
Published: July 20,2012
JACKSON — EastGroup Properties’ profit jumped in the second quarter on property sale gains.
The real estate investment trust said quarterly profit rose to $8.1 million, or 28 cents per share. That’s up 44 percent from $5.6 million, or 20 cents per share, in the year-ago quarter.
Analysts polled by FactSet had on-average predicted 23 cents per share.
Profit jumped $1.9 million after the company sold a Phoenix warehouse for $7 million in June.
Quarterly revenue rose 8 percent to $46.5 million, in line with analysts’ expectations.
EastGroup says it’s spending $44.6 million to build a total of eight new warehouses in Houston, San Antonio and Orlando, Fla. It said it spent $6.6 million on land for future development near Houston and in Denver.
Second-quarter occupancy was 93.1 percent.
To sign up for Mississippi Business Daily Updates, click here.
Top Posts & Pages
- Expert on airlines predicts Jackson-Evers will keep remaining carriers
- Keeping our eye on... Liz Lancaster
- GOP Sen. Thad Cochran to run for seventh term
- MAN OF STEEL: Madhu Ranade leading Severstal Columbus
- IKE TROTTER: There are primary changes in Social Security for 2014
- C Spire launches next phase of 1-gig service rollout
- Alcorn's finances being investigated; CFO resigns
- Hood issues opinion on open-carry gun law
- NEW ORLEANS SAINTS MOVING — Mississippi company has the task of moving the football team
- Court to hear case involving alligators and ExxonMobil