Extra Space Storage Earnings: Everything You Must Know Now

Extra Space Storage Inc. (NYSE:EXR) delivered a profit and beat Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company.

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Extra Space Storage Inc. Earnings Cheat Sheet

Results: Adjusted Earnings Per Share increased 39.39% to $0.46 in the quarter versus EPS of $0.33 in the year-earlier quarter.

Revenue: Rose 23.73% to $119.3 million from the year-earlier quarter.

Actual vs. Wall St. Expectations: Extra Space Storage Inc. reported adjusted EPS income of $0.46 per share. By that measure, the company beat the mean analyst estimate of $0.44. It beat the average revenue estimate of $112.71 million.

Quoting Management: Spencer F. Kirk, CEO of Extra Space Storage Inc., commented: “We experienced another strong quarter. Solid operational performance and record high occupancies have once again helped produce outstanding financial results. Disciplined growth continues to enhance our results as we have benefited from recent acquisitions and the growth of our third-party management platform. We are optimistic and have confidence in our people, our technology and our properties as we enter peak rental season.”

Key Stats (on next page)…

Revenue increased 4.95% from $113.67 million in the previous quarter. EPS increased 6.98% from $0.43 in the previous quarter.

Looking Forward: Analysts have a more positive outlook for the company’s next-quarter performance. Over the past three months, the average estimate for next quarter’s earnings has risen from a profit of $0.46 to a profit $0.47. For the current year, the average estimate has moved up from a profit of $1.85 to a profit of $1.91 over the last ninety days.

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(Company fundamentals provided by Xignite Financials. Email any earnings discrepancies to earnings [at] wallstcheatsheet.com)