Public Storage Q4 Profit Increases, beats estimates

(RTTNews) - Public Storage (PSA) released a profit for its fourth quarter that increased from the same period last year and beat the Street estimates.

The company's bottom line totaled $558.06 million, or $3.17 per share. This compares with $292.17 million, or $1.67 per share, in last year's fourth quarter.

Excluding items, Public Storage reported adjusted earnings of $3.54 per share for the period.

Analysts on average had expected the company to earn $2.17 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter rose 23.5% to $924.32 million from $748.54 million last year.

Public Storage earnings at a glance (GAAP) :

-Earnings (Q4): $558.06 Mln. vs. $292.17 Mln. last year. -EPS (Q4): $3.17 vs. $1.67 last year. -Analyst Estimate: $2.17 -Revenue (Q4): $924.32 Mln vs. $748.54 Mln last year.