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Tuesday, Dec 6, 2022
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Earnings: Public Storage, Second Sight

Public Storage’s second-quarter results missed analysts’ expectations on earnings but jumped ahead on revenue. The Glendale real estate investment trust, the world’s largest owner and operator of self-storage facilities, reported net income was $281 million ($1.61 a share), up 6.4 percent over $264 million ($1.52 a share) for the same period a year ago. While Public Storage’s funds from operations, a metric REITs use to define cash flow from operations, rose 8.8 percent to $2.34 a share, compared to $2.15 a year ago, that was 2.5 percent short of analysts’ predictions on Thomson Financial Network of $2.40 a share. However, funds from operations that excluded issues such as foreign currency impacts and one-time charges and expenses, met analysts’ estimates of $2.40. That figure was 10.6 percent over the $2.17 from a year ago. Revenue of $634 million was up 7.6 percent over $589 million and surpassed analysts’ expected $607 million. The company reported it lost four of its self-storage facilities in the Houston area due to flooding during the quarter. Public Storage (PSA) shares on the New York Stock Exchange closed Thursday at $238.62, down $9.56 or 3.9 percent. Second Sight Medical Products Inc. (EYES) announced its second quarter financial results on Thursday, reporting an adjusted net loss of $6.2 million (-17 cents a share) for the second quarter ended June 30, compared with an adjusted net loss of $4.3 million (-12 cents) for the same quarter a year ago. Revenue decreased over 60 percent to $1 million from $2.7 million in the second quarter of 2015. Shares closed down 1 cent, or less than a percent, to $4.12 on the Nasdaq.

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