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Equity's Third Quarter Earnings Report
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EQR
Equity Residential (NYSE:EQR) announced its results for the third quarter on October 24, 2012. Equity Residential is a real estate investment trust company that acquires and manages apartment properties in top growth markets in the United States.
Earnings season is important to investors because it shows how much profit is left in the company's hand after deducting costs from revenue. SEE: Can Earnings Guidance Accurately Predict The Future?
The Numbers: Equity missed estimates with 72 cents per share and revenues of $493.9 million. Analysts were expecting 76 cents per share and revenues of $537.9 million. EPS rose 105.7% while revenue declined 11.2% from the same period last year. The company's net income for the quarter rose 109.7% to $226.1 million.
Management Quote: "We continue to experience strong fundamentals across our markets and turned consistent demand into terrific same store revenue growth of 5.8% in the third quarter," said David J. Neithercut, Equity Residential's President and CEO. "For the full year, we expect to deliver 5.6% same store revenue growth, slightly ahead of our original plan and a very good result following growth of 5.0% in 2011. Fundamentals should remain favorable in 2013 which should produce same store revenue growth of 4.0% to 5.0%."
A Look Back: Net income has increased 54.2% year-over-year on average across the last five quarters. The biggest gain came in the third quarter of the last fiscal year, when income climbed more than threefold from the year-earlier quarter.
Looking Ahead: Expectations for the company's next-quarter performance are higher than they were 90 days ago. Over the past three months, the average estimate for the fourth quarter has risen to 77 cents per share from 73 cents. When analyst increase earnings estimates investors can assume business has been stronger than first thought and is an encouraging sign for investors. For the fiscal year, the average estimate has moved up from $2.74 a share to $2.77 over the last 60 days.
Earnings season is important to investors because it shows how much profit is left in the company's hand after deducting costs from revenue. SEE: Can Earnings Guidance Accurately Predict The Future?
The Numbers: Equity missed estimates with 72 cents per share and revenues of $493.9 million. Analysts were expecting 76 cents per share and revenues of $537.9 million. EPS rose 105.7% while revenue declined 11.2% from the same period last year. The company's net income for the quarter rose 109.7% to $226.1 million.
Management Quote: "We continue to experience strong fundamentals across our markets and turned consistent demand into terrific same store revenue growth of 5.8% in the third quarter," said David J. Neithercut, Equity Residential's President and CEO. "For the full year, we expect to deliver 5.6% same store revenue growth, slightly ahead of our original plan and a very good result following growth of 5.0% in 2011. Fundamentals should remain favorable in 2013 which should produce same store revenue growth of 4.0% to 5.0%."
A Look Back: Net income has increased 54.2% year-over-year on average across the last five quarters. The biggest gain came in the third quarter of the last fiscal year, when income climbed more than threefold from the year-earlier quarter.
Looking Ahead: Expectations for the company's next-quarter performance are higher than they were 90 days ago. Over the past three months, the average estimate for the fourth quarter has risen to 77 cents per share from 73 cents. When analyst increase earnings estimates investors can assume business has been stronger than first thought and is an encouraging sign for investors. For the fiscal year, the average estimate has moved up from $2.74 a share to $2.77 over the last 60 days.
by
Investopedia Staff
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