Extra Space Storage Earnings: Here’s Why the Stock is Up 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. Shares are up 0.08%.

Extra Space Storage Inc. Earnings Cheat Sheet

Results: Adjusted Earnings Per Share increased 31.43% to $0.46 in the quarter versus EPS of $0.35 in the year-earlier quarter.

Revenue: Rose 21.98% to $113.7 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 $0.43. It beat the average revenue estimate of $110.08 million.

Quoting Management: Spencer F. Kirk, CEO of Extra Space Storage Inc., commented: “Our operating fundamentals were strong this year thanks to continued technological innovation, stable demand, and virtually no new supply. The same store numbers for the quarter were amongst the best in our Company’s history. For 2013, market conditions remain favorable and our outlook reflects our confidence in our proven operating platform and our ability to continue to maximize every opportunity to increase stockholder value.”

Key Stats (on next page)…