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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 $1.09 billion in revenue for the quarter ended March 2023, representing a year-over-year increase of 12.4%. EPS of $4.08 for the same period compares to $2.45 a year ago.

The reported revenue compares to the Zacks Consensus Estimate of $1.09 billion, representing a surprise of +0.29%. The company delivered an EPS surprise of +0.25%, with the consensus EPS estimate being $4.07.

While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.

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:

  • Revenues- Self-storage facilities: $1.03 billion compared to the $1.02 billion average estimate based on five analysts. The reported number represents a change of +12.6% year over year.

  • Revenues- Ancillary operations: $62.05 million versus $60.60 million estimated by four analysts on average. Compared to the year-ago quarter, this number represents a +10% change.

  • Net Earnings Per Share (Diluted): $2.65 versus the six-analyst average estimate of $2.73.

  • Interest and other income: $18.63 million compared to the $10.83 million average estimate based on five analysts.

  • Equity in earnings of unconsolidated real estate entities: $6 million versus the five-analyst average estimate of $10.73 million.

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

Shares of Public Storage have returned -7% over the past month versus the Zacks S&P 500 composite's +0.4% 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