Emeritus Corp. Misses EPS Estimate; Raises Revenue Guidance (ESC)

Emeritus Corp. ESC reports Q2 EPS loss of $0.35 versus estimates of $0.28 loss. Emeritus Corp. reports Q2 revenues of $239.1 million versus estimates of $236.05 million. Revenues increased 7.6% year over year; same community average monthly revenue per occupied unit improved by 3.1% to $3,742. Granger Cobb, President and Co-Chief Executive Officer, stated, "Progress continued in the second quarter due to the need-driven fundamentals of our business. In addition, our external growth strategy remained vibrant as we added four communities to our consolidated portfolio in the quarter and more recently closed our joint venture acquisition of 143 Sunwest communities that we are managing." The Company is raising full year 2010 revenue guidance based on recent acquisitions and current business expectations. Total revenue is now expected to be in the range of $965.0 to $980.0 million, an increase from the prior range of $940.0 to $960.0 million. This revenue guidance includes estimated management fee revenues from the Sunwest joint venture. In addition, the Company is reducing its full year routine capital expenditures to a range of $13.5 to $15.5 million from a previous range of $16.0 to $18.0 million. Shares of ESC have not traded in the after-hours as of the time of this writing.