EastGroup’s profits soar due to warehouse deal
Published: February 13,2013
JACKSON — EastGroup Properties’ profit nearly doubled in the fourth quarter thanks to the sale of an Oklahoma warehouse.
The real estate investment trust said Tuesday that quarterly profit rose to $12.2 million, or 41 cents per share. That’s up from $6.4 million, or 24 cents per share, in 2011′s fourth quarter.
For all of 2012, EastGroup profits rose to $32.4 million, or $1.13 per share. That’s up 45 percent from $22.4 million, or 83 cents per share, in 2011.
EastGroup says it sold a building in Tulsa, Okla., for $10.3 million.
The company said that in 2013, it expects to earn between $1.02 per share and $1.12 per share.
Quarterly revenue rose 7.3 percent to $46.9 million, while yearly revenue rose 7.5 percent to $186.2 million.
To sign up for Mississippi Business Daily Updates, click here.
Twang & Tourism: The Country Music Trail
Still planning that summer vacation?
FOLLOW THE MBJ ON TWITTERMy Tweets
Top Posts & Pages
- Seafood R’evolution set to make Mississippi ‘the new culinary epicenter of the South’
- Yarber could be sworn in today as new Jackson mayor
- After review, MSU moves forward on new research facility
- Ole Miss launches commitment to be 'climate neutral'
- Pharma Pac lays off rest of workers; could end up owing state
- SpaceX, Stennis officially open new rocket test stand
- Acco Brands investing $1.6M, adding 162 workers
- Gulf LNG terminal mulling export opportunities
- Secretary of State's Office transitioning to new location