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Public Storage (PSA) Q1 Earnings: Taking a Look at Key Metrics Versus Estimates

Zacks Equity Research
·2-min read

Public Storage (PSA) reported $1.16 billion in revenue for the quarter ended March 2024, representing a year-over-year increase of 5.8%. EPS of $4.03 for the same period compares to $2.65 a year ago.

The reported revenue compares to the Zacks Consensus Estimate of $1.15 billion, representing a surprise of +0.38%. The company delivered an EPS surprise of -0.98%, with the consensus EPS estimate being $4.07.

While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.

As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.

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Here is how Public Storage performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

  • Square Foot Occupancy: 91.9% versus 92.9% estimated by two analysts on average.

  • Revenues- Ancillary operations: $71.18 million versus $66.74 million estimated by four analysts on average. Compared to the year-ago quarter, this number represents a +14.7% change.

  • Revenues- Self-storage facilities: $1.09 billion compared to the $1.08 billion average estimate based on four analysts. The reported number represents a change of +5.2% year over year.

  • Net Earnings Per Share (Diluted): $2.60 compared to the $2.44 average estimate based on five analysts.

View all Key Company Metrics for Public Storage here>>>

Shares of Public Storage have returned -8.2% over the past month versus the Zacks S&P 500 composite's -2.5% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.

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Zacks Investment Research