Public Storage Second Quarter Earnings Sneak Peek

S&P 500 (NYSE:SPY) component Public Storage (NYSE:PSA) will unveil its latest earnings on Thursday, August 4, 2011. Public Storage is a real estate investment trust (REIT) with a focus on the acquisition, development, ownership and operation of self-storage facilities. The company provides individuals and businesses with storage spaces for lease, generally on a month-to-month basis.

Public Storage Earnings Preview Cheat Sheet

Wall St. Earnings Expectations: The average estimate of analysts is for net income of $1.38 per share, a rise of 8.7% from the company’s actual earnings for the same quarter a year ago. During the past three months, the average estimate has moved up from $1.37. Between one and three months ago, the average estimate was unchanged, but has risen during the last month. For the year, analysts are projecting profit of $5.82 per share, a rise of 23.3% from last year.

Past Earnings Performance: The company hopes to beat expectations after coming in short last quarter, in which it reported net income of $1.28 per share against a consensus estimate of profit of $1.31 per share.

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Wall St. Revenue Expectations: On average, analysts predict $394.8 million in revenue this quarter, a rise of 5.6% from the year ago quarter. Analysts are forecasting total revenue of $1.59 billion for the year, a rise of 5.3% from last year’s revenue of $1.51 billion.

Analyst Ratings: Analysts seem relatively indifferent about Public Storage with 12 of 23 analysts surveyed maintaining a hold rating.

Key Stats:

The company has now seen net income rise in three straight quarters. In the first quarter, net income rose 66.3% while it rose 1.4% in the fourth quarter of the last fiscal year and 0.9% in the third quarter of the last fiscal year.

Revenue has now gone up for three straight quarters. In first quarter, revenue rose 24.5% to $465 million while the figure rose 2% in the fourth quarter of the last fiscal year from the year earlier and 2.9% in the third quarter of the last fiscal year.

Competitors to Watch: Extra Space Storage, Inc. (NYSE:EXR), U-Store-It Trust (NYSE:YSI), Sovran Self Storage, Inc. (NYSE:SSS), PS Business Parks, Inc. (NYSE:PSB).

Stock Price Performance: During June 30, 2011 to July 29, 2011, the stock price had risen $5.62 (4.9%) from $114.01 to $119.63. The stock price saw one of its best stretches over the last year between June 23, 2011 and July 8, 2011 when shares rose for 11-straight days, rising 9.8% (+$10.63) over that span. It saw one of its worst periods between October 22, 2010 and October 29, 2010 when shares fell for six-straight days, falling 3.7% (-$3.77) over that span. Shares are up $19.80 (+19.8%) year to date.

(Source: Xignite Financials)

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