Equity Residential (EQR) Tops Q3 EPS by 26c, Beats on Revenues; Lowers FY18 EPS Outlook

Equity Residential (NYSE: EQR) reported Q3 EPS of $0.58, $0.26 better than the analyst estimate of $0.32. Revenue for the quarter came in at $652.68 million versus the consensus estimate of $644.86 million.

“Continued strong demand and an enterprise-wide focus on customer service have produced high occupancy, record low turnover and very strong renewal rates, which should deliver 2018 same store revenue growth at the high end of our forecasts,” said David J. Neithercut, Equity Residential’s CEO. “We also expect to see continued but modest improvement in revenue growth in 2019 as a strong economy and favorable job market continue to drive demand and support absorption of new supply across our markets.”

GUIDANCE:

Equity Residential sees FY2018 EPS of $1.78-$1.80, versus the consensus of $1.47.

For earnings history and earnings-related data on Equity Residential (EQR) click here.

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