EastGroup Properties Q4 Profit Drops

EastGroup Properties

170.00 EUR -0.58%

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(RTTNews) - EastGroup Properties, Inc. (EGP) Thursday reported its financial results for the fourth quarter, highlighting continued growth in income from real estate operations despite a decline in net income for the quarter.

The company's net income for the fourth quarter was $58.6 million, compared to $63.5 million in the same period of 2023. Earnings per share for the fourth quarter were $1.16, down from $1.35 in the prior year's quarter.

Income from real estate operations for the fourth quarter of 2024 totaled $163.8 million, up from $149.0 million in 2023. Adjusted earnings per share for the fourth quarter were $2.15, an increase from $2.03 in the same period of 2023, reflecting a 5.9 percent rise.

Looking ahead, EastGroup estimates net income per share for 2025 to be in the range of $4.71 to $4.91, with adjusted earnings per share expected to range from $8.80 to $9.00.

EGP closed Thursday's trading at $173.38, up 0.80 percent or $1.38, on the New York Stock Exchange.