Equity Lifestyle Properties sinks on rev growth slowdown

Equity Lifestyle Properties

19/07/2022 17:20

** Equity Lifestyle Properties  ELS.N  shares down 6.8% at
$68.13 after co reports mixed results, reduces rev growth
expectations
    ** Stock on track for biggest one-day pct drop since Apr
2020
    ** Manufactured home, recreational vehicle (RV) resorts
operator late Mon reported Q2 rev of $365 mln, beating consensus
view of $316 mln, per Refinitiv IBES data  urn:newsml:reuters.com:*:nBw6NJKm0a
    ** Adj EPS of 33 cents missed avg analysts' estimate by a
penny
    ** Co lowered FY combined core seasonal/transient rev growth
to 10.6%-11.6% from prior guide of 13.5-14.5%; sees operating
expenses rising 5.2%-6.2%, up from prior forecast of 4.3%-5.3%
    ** "We view the deceleration of the transient and seasonal
segments, which account for ~11.5% of revenues, as a clear
negative," Baird analyst Wesley Golladay wrote in research note
    ** Still, 7 of 11 analysts rate ELS "buy" or "strong buy",
while rest are neutral, per Refinitiv data; median PT $84
    ** With move on the session, shares off ~22% YTD

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-332-219-1430))