EastGroup Properties · Q3 FY2026 call record电话会记录
“For the year, we increased the midpoint of our 2026 FFO guidance by $0.06 to $9.65 per share, which represents a 7.5% increase over 2025 actual results.”
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Start free in Terminal免费开始使用终端649 verified call records份已核验电话会记录 · 7788 exact facts条精确事实 · 2026-10-26 → 2026-11-01
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“For the year, we increased the midpoint of our 2026 FFO guidance by $0.06 to $9.65 per share, which represents a 7.5% increase over 2025 actual results.”
“Net interest margin expanded 8 basis points to 2.6%, marking the third consecutive quarterly increase while our cost of funds declined to 2.75%.”
“Then I expect that deposit ECR line item with growth and what happened with the Fed funds hike and what was contractually tied to Fed funds, we expect that line to move up $1.5 million to $2 million sequentially.”
“Just on free cash flow, very strong results in 3Q, but can you help us with expectations for conversion into 2027, particularly if we have expectations for higher or longer PE margins?”
“Again, in terms of 2027, without giving you numbers, I would say the Corewell and Fresenius impact, which we expect this year to be roughly 3% in terms of additional revenue growth, that obviously will not be a factor next year in terms of growth because we will lap these partnerships in October of this year.”
“We are increasing our gross margin expectation to now be approximately 58.5%, reflecting slightly better performance, as well as the approximate $88 million IEEPA tariff refund benefit in cost of sales, which is net of cost-sharing arrangements with our independent manufacturers for amounts received to date in both the second and third quarter, representing approximately 90% of the amounts we have submitted.”
“If the second quarter is adjusted on a pro forma basis to include the deposits acquired from Heritage for the full 91 days in the quarter, total deposits and customer repurchase agreements would have decreased in the third quarter by approximately $300 million, including the $240 million average decrease in brokered CDs.”
“In addition, we expect to end the year with a net debt to EBITDA ratio of under 2.5 times, providing substantial additional dry powder and leverage capacity, continue to acquire assets and scale, resulting in significant earnings and cash flow growth well in excess of the REIT average.”
“As we move through this year, we continue to anticipate generating between $400 million and $430 million in free cash flow in fiscal year 2027, which is an impressive outlook given that includes the elevated capital spending related to our capacity expansion investments.”
“We expect to use these proceeds to redeem approximately $240 million in aggregate principal amount of junior subordinated debentures associated with certain trust preferred securities through early 2027, causing our total risk-based capital ratios to decline by approximately 50 basis points, all else equal.”
“We now expect net sales between $810 million and $820 million, with expected gross margins for the full year of approximately 40%, delivering adjusted EBITDA of $170 million to $175 million.”
“Client deposits grew at an annualized pace of 11%, led by 14% growth in average non-interest-bearing demand, reflecting the staying power of our homegrown relationship banking culture.”
“Feel really good about where we are at there, including the residential pipeline, which we expect some headwinds with increased rates.”
“For the full year, we remain on track to achieve free cash flow conversion within our target range of 75%-85% and expect to end the year with slightly above one turn of net leverage.”
“This and higher revenue has a consequent impact to increase adjusted net income by $5 million to between $740 million and $760 million, which translates into increased adjusted diluted earnings per share guidance between $33.18 and $34.08.”
“As Keith mentioned in our Midwest and South segment, adjusted revenues for the quarter grew nearly 3%, while EBITDA grew approximately 2.5%, as supported by growth in gaming revenues.”
“As we look ahead to 2027, we expect to return to double-digit year-over-year growth in base management fees, with key drivers including the onset of fees from multiple new drawdown funds in private equity, continued expansion of our perpetual platform, growth in credit insurance, and the very positive momentum in BXMA.”
“The consolidated EBITDA margin was 20.9%, compared with 21.4% in the prior year quarter, as operating expense discipline helped mitigate profitability pressures across the portfolio.”
“I know you're not going to give 2027 guidance, but does that impact your view in terms of loan growth post this quarter?”
“Gross margin was 41.9%, up 120 basis points from the third quarter of 2025, reflecting structural mix improvements primarily from higher ultrasonic meter sales and continued growth of our software-as-a-service revenue, partially offset by the dilutive impact of UDlive's inventory fair value step-up amortization in the quarter.”
“With strong year-to-date results and only two months remaining in 2026, we are sharpening our full-year 2026 guidance with average loan growth up approximately 4% year-over-year compared to our previous guidance of up low- to mid-single digits.”
“Today, we are upward revising that guidance and projecting over 120% year-on-year revenue growth at the midpoint.”
“Quarterly highlights include we increased our 2026 sales guidance from $305 million to $681 million, highlighted by the sale of 3151 Market Street and our partnership interest in Solaris House in Austin, Texas.”
“I will just take you back to the guidance that we gave you at the beginning of the year, which remains intact, which is between 2025 to 2028, we expect a greater than 5% revenue CAGR between those years.”
“As Carl noted, we ended the quarter with an ICRE to risk-based capital ratio of 295%, achieving the goal we set when we announced the merger, and C&I loans grew 1% on a linked-quarter basis and 4% annualized, marking the second consecutive quarter of solid C&I loan growth.”
“I think that speaks to the underwriting we're doing as we're going in terms of the required debt service coverages that we expect for various different types of properties, coupled with the significant equity that borrowers have in their properties going in, recourse that is on 99% of the loan book as well, and global cash flows that can backstop issues with any particular property.”
“On slide 17, we provided an update to our outlook following a Q3 marked by continued organic momentum, deposit growth, margin expansion, enhanced profitability, and an improving return profile.”
“Across our broader pipeline, we expect to have 10 molecules in clinical development by the end of this year.”
“We are raising our full year revenue guidance to a range of $1.122 billion-$1.127 billion, lifting the midpoint growth rate to 18.3%.”
“Turning to the Americas, revenue in the third quarter increased by 25% to approximately $1 billion, principally reflecting the pass-through of higher input cost to customers, including the impact of higher metal costs and freight cost pass-through, partly offset by lower shipments.”
“With that, we are increasing our net interest income outlook for the year from a high end of $340 million to a range of $341 million-$342 million, but project modest margin compression in the fourth quarter related to the DDA/IBA deposit remix as the election cycle concludes.”
“With respect to our full year, we are raising our reported revenue outlook to 9.5%-10.5% and our outlook for organic revenue growth to 5%-6% based on stronger demand and favorable price in the Americas.”
“Demand and pricing trends remain strong across the network, and we expect fourth quarter revenue to grow 19.5%-22.5% year-over-year, continuing the momentum we saw in the third quarter.”
“Looking at our towable RV segment on slide 11, fourth quarter revenue was approximately $220.3 million, down from the prior year quarter as lower unit volume and a greater mix of lower priced models more than offset pricing realization.”
“For the fourth quarter, we expect revenues of $1.28 billion-$1.33 billion, an Adjusted EBITDA of $270 million-$290 million, which is a margin that is modestly down from third quarter levels.”
“On a constant currency basis, maintenance product sales increased 8% to $168.8 million in the fourth quarter and 9% to $644.7 million for the full year, in line with our long-term growth expectations.”
“As discussed on our last earnings call, we raised our full-year revenue guidance $110 million at the midpoint, reflecting the incremental flow of business activity we experienced during the second quarter and our expectations for continued demand in the back half of the year.”
“A quick note on Chicago, starting in the second quarter of 2027, we expect minimal domestic industry capacity growth at O'Hare due to the FAA capacity constraints where the growth in total flights is capped.”
“In industrial, which is a little more than a third of your revenue, I know you talked about the cyclical growth and the cyclic growth, but I'm just also curious, if you look at all the sub-segments there, how much of that, let's say 35% of revenue is potentially being impacted by the data center build out as well?”
“On the bottom line, adjusted EPS was $0.26 ahead of our previous guidance, which includes $0.08 from excellent operational performance, including the pull-through on stronger revenue growth, $0.03 from foreign exchange, and $0.15 of net impact from tariff refunds recovered in the quarter.”
“So the first thing in 80/20 is that's probably going to shrink revenue somewhat, because we look at the 80% of the revenue that is substantially available for us to improve margins, and there's 20% that goes to smaller customers that are dilutive to earnings, and we do that across Teledyne.”
“We anticipate non-interest expense growth in the mid to high single digits, compared with $768.9 million in 2025, reflecting higher performance related to compensation and accelerated targeted frontline hiring across banking, payments, wealth, and investment banking.”
“For the full year, we now expect adjusted EPS in the $2.40 range, compared to our prior outlook of $2.25-$2.35, primarily because of lower depreciation expense related to held-for-sale accounting for AT&T Mexico.”
“Net revenue of $1.43 billion was in line with our guidance as another record quarter in our Global Wealth Management segment offset market-driven slowdown in our institutional business.”
“We expect the combined transfer agency and fund administration revenue from the initiative to exceed $10 million on a run rate basis by the end of next year.”
“As disclosed in the quarterly statement issued earlier today, we now expect to lend towards the upper end of our previously guided range for 2026 cloud and cloud and software revenue, while reaffirming our previous guidance for current cloud backlog, operating profit, and free cash flow.”
“Our fourth quarter NIM outlook is supported by a strong loan pipeline and the opportunity to reprice approximately $165 million of fixed-rate loans, which we expect to move from the low-6% range to the mid-6% range.”
“We expect continued robust adjusted IMS growth and HTU shipment volumes of 39.5 billion-40.5 billion units, consistent with our comments on shipment phasing.”
“Of course, that gets you a quarter or two, but you can see the momentum of those business lines, and we feel pretty good about that guidance and expect that loan growth number to accelerate further in 2028 from the 2027 level as a result of the fact that we should be pretty much through, if not all the way through this RESG repayment wave by the time we get to 2028.”
“Orrstown Bank has reached its full year 5% loan growth goal at September 30, 2026.”
“During the third quarter, we saw year-over-year growth of 5% in net new retail customers and commercial customers, 24% in active digital users, 2% in digital loan payments, and 11% in virtual teller use.”
“To your point, we've been very focused on scalable growth within the asset servicing business, and you can see some of the results of that with strong revenue growth at 12% in this quarter, expense growth at 3%, the pre-tax margin year-to-date at 30%.”
“Second, my guidance for both 2026 and 2027 includes the projected financial impact of the proposed sale of the distributed retail and consumer direct mortgage origination channels.”
“Importantly, growth has not come at the expense of credit discipline with our current locked pipeline carrying an average FICO of 766 and an average LTV of 67%.”
“We are executing across the full set of growth opportunities we laid out 12 months ago by staying focused on affordability, reliability, and delivering every day for our customers.”
“Revenue decreased 5% from last year to $32.7 million due to lower margins on loans sold, a lower average loan amount, and a slight decrease in the number of loans originated.”
“Our guidance assumes foreign currency is an approximately 1% headwind to year-over-year total revenue growth based on current exchange rates.”
“We delivered another strong quarter, highlighted by diluted earnings per share of $2.58, continued balance sheet growth, and further expansion of our net interest margin to 4.36%.”
“When compared to the third quarter of 2025, we delivered growth in gaming volumes across all segments.”
“Is the $1 billion increase in your Aether revenue outlook reflective more of adding foundry logic and DRAM customers in terms of the adoption of that platform?”
“Every quarter of progress gets us closer to our global SG&A target of below 60% of gross profit, and as volumes recover, a larger share of each gross profit dollar will drop to earnings.”
“In the third quarter, we delivered solid results with 6% revenue growth, 70 basis points of operating pre-tax margin expansion, and 11% diluted operating earnings per share growth.”
“We estimate that the disruption reduced the third quarter revenue by approximately $7 million, and we expect an additional revenue impact of approximately $15 million-$20 million in the fourth quarter.”
“So again, as we think about the P&L margin impact, I think the best way to model this out would be, again, if this was a company with revenues of $500 million or $1 billion, the assessment and analysis would be a little different.”
“H1 revenue year-over-year is up 43%, so quite a strong first half of the year, followed as well by strong growth on the Adjusted EBITDA, which leads us to reaffirm our guidance for the year.”
“As we look ahead, we remain confident in our ability to deliver at least 12% adjusted earnings per share growth in 2027, supported by the continuing margin improvement in health benefits, our ongoing expansion to Carelon, and the greater operating efficiency across our enterprise.”
“We expect respiratory revenue to be an approximately 150 basis point headwind.”
“Adjusting for that charge, higher revenue and lower non-fuel costs drove a 25% increase in operating income and 420 basis points of margin expansion, despite 70 basis points of fuel price headwinds.”
“Many of them are targeting Q4 to be fully up and running for that cross-margining program prior to the Treasury and repo clearing mandate, but we are seeing strong growth there.”
“As you know, we said our churn is 50 to 100 basis points, 50 probably call it, but it impacts churn, but as I said, it's for a small subset of the towers, so not big enough to impact our long-term guidance we've talked about with respect to churn.”
“On the consumer side of North America, our nearly $8.5 billion high net worth personal lines business, a clear market leader in that category, had another really good quarter, with premium growth of almost 5.5%.”
“Loans increased $575 million or 2.8% during the quarter, while deposits increased $773 million or 3.7%, led by growth in non-interest-bearing demand and money market balances.”
“Solid partner growth, combined with disciplined expense management led to full-year net income of $175.7 million, or $8.14 of diluted earnings per share.”
“We are very excited here at Bridgewater about our profitability outlook and our growth outlook, and very well-positioned to finish 2026 strong and optimistic about 2027.”
“I think when we look at the next quarter, and even quarters after that, I am expecting that our growth will probably be more like two-thirds to 70% in the C&I world and a third to 30% in the CRE world, just because of kind of the rebalancing of that.”
“For our fourth quarter guidance, we expect gross written premium growth to exceed E&S market growth by 15 percentage points-20 percentage points.”
“América Móvil third quarter revenue totaled MXN 251 billion, 7.6% year-on-year increase, with the EBITDA reaching 40.8% margin, a 0.5% percentage increase from a year before.”
“Based on current rates, we expect exchange to have a negative impact of approximately 1% on fourth quarter sales.”
“The 1 basis point decline in the net interest margin was caused by the impact of having one additional day in the quarter.”
“That's kind of within our target range of 2%-3% quarterly commercial growth, which over the year, we're looking at that averaging out to about 10% annualized growth.”
“The revised outlook reflects the purposeful actions taken within our deposit base and the corresponding impact on average earning assets compared with our prior expectation of 12%-14% growth.”
“The decision to focus on a set of top 100 customers and top channel accounts, or TCAs, with our global distribution partners across our four markets and four regions globally is clearly paying off with both bookings and opportunity pipeline growth.”
“Moving to slide nine, net interest revenue increased $10.3 million from the second quarter, primarily driven by the Peach State acquisition, core growth, the net effect of the portfolio restructuring, higher interest rates, and day count, partially offset by the impact of the Navitas sale.”
“In Home & Auto, purchase volume increased 9% compared to last year, primarily reflecting the performance of new programs, select furniture retailers, and the impact of higher gas prices.”
“Nevertheless, it is notable that if you look at Q3 TTM versus Q2 TTM metrics, volumes are up substantially, but operating incomes were down, and I just wanted to ask if there's some partly offsetting cost headwinds that we should be thinking about heading into 2027 on the fab business as well as those positives that you noted in the prior comments.”
“Deposit pricing remains competitive, and higher funding costs pressure the margin modestly, but net interest income still increased nicely to $49.4 million as balance sheet growth more than offset that pressure.”
“With respect to operating profit, we now expect growth between $925 million and $975 million versus 2025, up from our prior expectation of between $550 million and $625 million, driven by the drop-through on increased sales volume, ongoing structural cost reduction initiatives, and approximately $250 million of IEEPA recovery.”
“Turning to our segments results, casualty again led on growth, up 4% in the quarter, while posting a 99.6% combined ratio, compared with 98.2% last year.”
“Okay, so thinking about that 306 kind of adjusted margin ex the interest recoveries and the special FHLB dividend, a little pressure on that kind of normalized margin, maybe hanging around three.”
“Some of our highlights for the third quarter include improvements in our net interest income, which was up 1%, expansion in our net interest margin of 8 basis points, growth in our fee-based income of 5%, provision for credit losses declined 24%, improvement in our efficiency ratio adjusted for one-time items, higher return on average assets, which was 1.36%, increased return on average stockholders' equity of 10.44%, declines of 11% in our non-performing loans, growth in our lower-cost interest-bearing demand deposit and money market accounts of nearly $100 million combined, and improved regulatory capital ratios.”
“On your full year traffic guide, do you still feel comfortable with the -3% to 0% growth, or is there some downside to that number given the year-to-date performance and how flight schedules are looking like?”
“Today, we're raising that guidance for the fourth time to $204 million, which, if achieved, will result in approximately 28% year-over-year growth with an Adjusted EBITDA margin above 61%.”
“We expect segment operating income will grow faster than sales with 10 to 20 basis points of margin expansion beyond the current 2026 guidance midpoint.”
“Financially, our strong Q3 performance included total revenue growth of 12.4%, ABF revenue growth of 25%, subscription revenue growth of 8%, adjusted EBITDA growth of 12%, and adjusted EPS growth of 14%.”
“Historical recasted financials for 2025 and first half 2026 are shown on slide 13, and as you can see, have an impact of about 40 basis points to margin rate and $0.04 to EPS per quarter.”
“From the first quarter of 2026 to the third quarter of 2026, SOFR was unchanged and our net interest margin increased by 18 basis points, highlighting the impact of the actions listed above.”
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