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This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

With the coronavirus pandemic creating a swell in online shopping demand, Amazon (NASDAQ: AMZN) continues to add employees as it anticipates another demand surge for the holidays. Early in the pandemic, the company added 100,000 new full- and part-time workers. 

The company says it has promoted more than 35,000 operations workers across North America this year, and now will add another 100,000 seasonal workers in anticipation of the holiday crunch.

Amazon’s vice president of global customer fulfillment, Alicia Boler Davis, said in a statement that many of the 35,000 newly promoted workers joined the company through seasonal hirings, similar to the one announced today. 

The company said the new jobs would focus on “stowing, picking, packing, shipping, and delivering customer orders”, but will also include a variety of other positions needed for IT, human resources, safety, and operating robotics. Amazon pays its workers a minimum of $15 per hour, and said many of the new job locations included holiday bonus incentives. 

Last month, Amazon said it was adding another round of 100,000 full- and part- time positions in the US and Canada as it opened new warehouse facilities, bringing its total global workforce to approximately 1 million. 

The boost in online shopping has been reflected in Amazon’s financial results. For its second quarter ended 30 June 2020, net sales grew to $89 billion, up 40% compared to the prior year period. When the company reports third-quarter results tomorrow, it said it expected sales to be up between 24% and 33% compared to 2019. Any boost from the company’s Prime Day sales event that occurred this month won’t be seen in its financial reports until fourth-quarter results are announced. 

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

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• Amazon Earnings: What to Watch on Thursday, Oct. 29

John Mackey, CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool’s board of directors. Howard Smith owns shares of Amazon. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and recommends Amazon and recommends the following options: short January 2022 $1940 calls on Amazon and long January 2022 $1920 calls on Amazon. The Motley Fool Australia has recommended Amazon. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

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The Temple & Webster Group Ltd (ASX: TPW) share price has come storming back today after seeing falls of 14.2% over the previous 4 days’ trading. The company had been part of a recent sell off across e-commerce retailers more broadly. Other online shopping companies such as Kogan.com Ltd (ASX: KGN), Redbubble Ltd (ASX: RBL), and Marley Spoon AG (ASX: MMM) had also seen market losses. However, at the time of writing, the Temple & Webster share price has surged by 11.51% to $10.95. 

What was troubling the Temple & Webster share price?

On Friday 23 October, fund managers decried the market valuations of many of the online shopping and delivery companies. Chris Tynan, an investment analyst at DNR Capital commented:

The mania over e-commerce feels similar to infant formula and vitamins in 2015… Consumer behaviour has been squeezed online and some of it will stick. If you were ever able to float an internet consumer business then it’s now.

Without commenting on individual stocks, there will be some great businesses that emerge from the hysteria, but many will struggle in a normalised consumer environment.

As noted, consumers have been squeezed into the online trading space and may not stay there once the economy normalises. However, investors have been piling back into Temple & Webster shares and other e-commerce shares today. 

Reasons for optimism

Temple & Webster made more profit in Q1FY21, due to a furniture and homewares boom, than it did throughout FY20. The company achieved $8.6 million in earnings before interest, tax, depreciation and amortisation (EBITDA), compared with $8.5 million in FY20. In addition, sales were up by 138%. In October thus far, the company reported that sales have more than doubled when compared with last year’s figure. 

RBC Capital Markets analyst, Tim Piper, has said.

As the market leader in online-based furniture and homewares in Australia, TPW has benefited from the accelerating shift to online and we expect the step-up in penetration to remain in a sizeable proportion.

We think TPW can also continue to grow market share, which should compound the growth expected in the underlying market.

Foolish takeaway

The Temple & Webster share price has continued to see volatility. There are clearly conflicting views over valuations in the e-commerce space more broadly, which has likely contributed to this volatility. In addition, the AFR believes fund managers have also been taking profits.

However, the company is still reporting total sales performance as rocketing, even with national lockdowns largely over. Although this bodes well for the Temple & Webster share price, it remains to be seen if it will endure when the economy normalises.

More reading

• 3 explosive ASX growth shares to buy with $3,000
• Is it bad news that the Temple & Webster (ASX:TPW) share price lost 26% over a week?
• How did ASX retail shares perform in the latest quarter?
• Why Adore Beauty, Adairs, Marley Spoon, & Resolute shares are dropping lower
• Is Temple & Webster Group Ltd (ASX:TPW) still a buy?

Daryl Mather has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of Temple & Webster Group Ltd. The Motley Fool Australia owns shares of and has recommended Kogan.com ltd. The Motley Fool Australia has recommended Temple & Webster Group Ltd. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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The IOUpay Ltd (ASX: IOU) share price has spiked 13.64% this morning following the company’s announcement of a corporate update and investor presentation. At the time of writing, the IOU share price is trading at 25 cents after closing yesterday’s session at 22 cents.

What does IOUpay do? 

IOUpay provides fintech and digital commerce software and services in South East Asia (SEA) to enable its institutional customers to securely authenticate end-user customers and process banking, purchase and payment transactions. 

The company’s core technology platform enables large customer communities to extend their information technology applications to any mobile device and integrate mobile technology throughout their existing business. This includes various features such as: 

• Secure communication to existing customers 
• Credit scoring 
• Customer onboarding 
• Bill payments 
• Processing purchases and payments 
• Account debiting 

The company currently services the top 20 banks in Malaysia as well as large telcos and corporates in Malaysia and Indonesia. Its clients choose IOUpay as the integration is seamless, low cost and secure. The platform has capability to e-KYC (electronic know your customer), credit score and approve in advance or at the point of sale.

IOUpay is a small cap company with a market capitalisation of just $80 million and a current cash at bank balance of $2.7 million as at 23 October 2020. 

Investment highlights 

The IOU share price is on the rise today after the company reported multiple operational highlights in its update. These included: 

• IOUpay has become one of the largest mobile banking and payment services providers in Malaysia, currently processing more than 17 million transactions per month. 
• Its top tier customers include Citigroup Inc (NYSE: C), Standard Chartered PLC (LSE: STAN), Heineken, Mazda and major telecom providers in Malaysia. 
• The company has several new product initiatives to drive growth including digital payments, merchant growth services and a buy now, pay later (BNPL) product. 

IOUpay’s growth strategy

The company is positioning its platform to be a fully integrated financial services provider for big brand merchants and their customers in Malaysia and Indonesia. 

On the mobile banking front, the company aims to grow payment processing and secure banking transactions for consumers through partnership expansions targeting SEA. It also plans to leverage the tailwinds in digital cash through partnerships with the largest e-wall, e-money and digital banking operators. 

Digital payments is also a significant space that IOUpay aims to capitalise on. The company intends on offering a BNPL product as well as expanding existing product offerings to a broad SEA market. 

The investor presentation provided a roadmap for commercial activity and platform launches. This includes expanding its digital payment projects in Indonesia in Q4 2020, cross-market Malaysian BNPL and bill payment customer bases in Q1FY21 and a rewards program in Q2FY21. 

Overall, the company is in its early days but believes that SEA represents a huge market opportunity with significant growth potential in digital payments. 

More reading

• Douugh and Ioupay were among the most traded shares on the ASX last week
• Are speculators driving today’s 44% Ioupay (ASX:IOU) share price gains?

Lina Lim has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. recommends Standard Chartered. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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The Smart Parking Ltd (ASX: SPZ) share price has soared higher today following the release of its Q1 trading update.

In late-morning trade, shares in the parking technology company have risen 9% to 12 cents. This compares to the All Ordinaries Index (ASX: XAO) which is up 0.1% to 6,252 points.

Business update

For the period ending 30 September, Smart Parking recorded a strong growth despite COVID-19 severely impacting the business in Q1.

Car volumes continued to recover, jumping 152%, and parking breach notices (PBN) issuances surged 388% since coronavirus lows in April. The result led Smart Parking to record a positive operating cash flow of $0.6 million.

The UK sales team restructure delivered 56 new site installations, meeting business performance expectations. KFC UK & Ireland installations have started with 15 sites outfitted, and 2 in New Zealand.

Smart Parking advised of technology project delays across all territories due to COVID-19. Gatwick Airport in the UK has been sent equipment, but installation has been deferred until H2 FY21. A recent Queen Victoria Market contract in Victoria will look to fit out guidance systems across 500 parking bays in the next quarter.

Total order book and work in progress remains firm at $3.2 million. The company noted an annualised personal savings of $1.2 million from a reduction in head count.

Smart Parking closed the quarter with a cash balance of $9.3 million, including a draw down loan of $2.7 million.

Outlook

As Q2 is under way, the company is seeking further growth opportunities while the market recovers to pre-COVID levels.

In the pipeline is 40 new automatic number plate recognition (ANPR) installations for the current quarter. Smart Parking is focused on achieving 1,000 ANPR installations by June 2023.

Internet of things (IoT) product launches are progressing, as the company seeks new customers, pushing for greater revenue prospects.

About the Smart Parking share price

The Smart Parking share price has failed to climb back since COVID-19 hit the market. Shares in the tech company reached a low of 7 cents in March, after trading around 24 cents the month before.

With a market capitalisation of $43 million, investors will be watching to see if Smart Parking can regain its former glory.

More reading

• Why the IOUpay (ASX:IOU) share price jumped 14% this morning
• ASX 200 flat: Afterpay impresses, Coles beats expectations, & HUB24 in a trading halt
• Why the Emerge Gaming Ltd (ASX:EM1) share price jumped 12% today
• Cloud computing and gaming boost Microsoft (NASDAQ:MSFT) earnings results
• Why Bendigo and Adelaide Bank, Mach7, National Storage, & Unibail-Rodamco-Westfield are dropping lower

Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of Smart Parking Ltd. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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At lunch on Wednesday the S&P/ASX 200 Index (ASX: XJO) has fought back from early weakness and fighting to get into positive territory. The benchmark index is currently roughly flat at 6,048.1 points.

Here’s what is happening on the market today:

Afterpay impresses.

The Afterpay Ltd (ASX: APT) share price is surging higher today after the release of its first quarter update. The payments company’s update revealed that its strong growth has continued in FY 2021. For the three months ended 30 September, Afterpay reported a 115% increase in underlying sales to a record of $4.1 billion. This was driven by increased usage and further strong customer growth. Afterpay ended the period with 11.2 million active customers. This was a 98% increase on the prior corresponding period.

Coles beats expectations.

The Coles Group Ltd (ASX: COL) share price is pushing higher today after the release of a stronger than expected first quarter update. For the three months ended 30 September, Coles delivered a 10.5% increase in total sales revenue over the prior corresponding period to $9.6 billion. As a comparison, analysts at Goldman Sachs were forecasting total first quarter sales of $9,365 million, up 7.7% on the prior corresponding period. All three of Coles’ segments performed positively and delivered strong same store sales growth.

HUB24 equity raising.

The HUB24 Ltd (ASX: HUB) share price is in a trading halt today after launching an equity raising this morning. The investment platform provider is aiming to raise $60 million to fund three strategic transactions. This includes the acquisition of investment platform provider Xplore Wealth Ltd (ASX: XPL). The total investment for the transactions is approximately $93 million, with HUB24 expecting them to deliver approximately 13% earnings per share accretion in FY 2022.

Best and worst ASX 200 performers.

The best performer on the ASX 200 on Wednesday has been the Blackmores Limited (ASX: BKL) share price with a 10% gain. This morning Credit Suisse upgraded its shares to a neutral rating from underperform following its AGM update. The worst performer has been the Unibail-Rodamco-Westfield CDI (ASX: URW) share price with a 4% decline. This morning the shopping centre operator revealed that leading independent proxy advisory firm, Glass Lewis, has recommended that shareholders vote in favour of its 3.5 billion euros capital increase.

More reading

• Why Bendigo and Adelaide Bank, Mach7, National Storage, & Unibail-Rodamco-Westfield are dropping lower
• Why Resmed, Coles, Afterpay and one other have made early share price gains
• Why the HUB24 (ASX:HUB) share price is in a trading halt
• Coles (ASX:COL) share price on watch after beating Q1 expectations
• How ASX shares like Afterpay (ASX:APT) push for explosive growth

James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of Hub24 Ltd. The Motley Fool Australia owns shares of and has recommended Blackmores Limited. The Motley Fool Australia owns shares of AFTERPAY T FPO and COLESGROUP DEF SET. The Motley Fool Australia has recommended Hub24 Ltd. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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Small cap ASX shares in the e-sports sector have made significant progress in the development of respective e-sports media, software and tournament products. This has seen the likes of Emerge Gaming Ltd (ASX: EM1) and Esports Mogul Ltd (ASX: ESH) deliver triple digit returns in recent months.

Today, the company announced a significant milestone for pre-registrations for its MIGGSTER platform. The Emerge Gaming share price rocketed up 12.5% to 16 cents in early trade and has since retreated to 12 cents, up 4.17% at the time of writing.

A new mobile gaming platform

MIGGSTER Mobile is a mobile casual e-sports platform that uses Emerge’s proprietary e-sports tournament platform technology. The platform will offer avid mobile gamers the opportunity to turn hours of entertaining mobile gaming into prizes and rewards. All while competing against the community and sharing their success with gaming friends. 

The revenue proposition for MIGGSTER Mobile is that it will be offered as a subscription service,with users paying US$8.50 per month. From a consumer perspective, subscribers can enter into tournaments involving their favourite mobile social games, using their leisure time to earn rewards, win prizes and participate in a minimum aggregate prize pool of US$500,000. 

The planned launch will invite subscribers to sign up to the MIGGSTER Mobile platform on tiered subscription packages. These include bi-annual packages of US$51.00 and discounted annual packages. 

Why the Emerge Gaming share price is up today

The company recorded 3 million user pre-registrations on 19 October 2020. Today, the company added a further 3 million user pre-registrations. The strong user interest and continuing strong momentum is likely to be the catalyst for the Emerge Gaming share price jump today.

MIGGSTER is currently promoted to a network of more than 14 million affiliate members across 150 countries. Its promotion is creating much needed awareness and interest for a highly anticipated MIGGSTER Mobile product launch in November 2020. 

More reading

• Douugh and Ioupay were among the most traded shares on the ASX last week
• Emerge Gaming (ASX:EM1) share price sees explosive growth
• The Esports Mogul (ASX:ESH) share price has surged up 57%. Here’s why

Motley Fool contributor Lina Lim has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

Microsoft Corporation (NASDAQ: MSFT) reported the results of its fiscal first quarter (ended Sept. 30), which trounced expectations on the strength of the company’s cloud services and continuing swell in gaming activity. Revenue of $37.2 billion grew 12% year over year, easily surpassing analysts’ consensus estimates of $35.72 billion, while also surpassing the high end of management’s forecast, which topped out at $36.05 billion. Earnings per share (EPS) of $1.82 increased 32%, eclipsing the $1.54 expected by analysts.

Management cited strong demand for Microsoft’s cloud computing services, with CFO Amy Hood noting, “We continue to invest against the significant opportunity ahead of us to drive long-term growth.”

Azure Cloud continued to grow like gangbusters, up 48% year over year, ticking up slightly from 47% growth in Q4. This pushed the intelligent cloud segment higher, up 20% year over year. Within the segment, commercial cloud produced revenue of $15.2 billion, up 31% year over year, achieving a run rate of more than $60 billion, while generating gross margins of 71%.

The more personal computing segment got a boost, climbing 6%. Gaming continued its outsized growth, growing 22% year over year, providing fuel for the segment. Xbox content and services increased 30%, driven higher by strong third-party titles and subscriptions to Xbox Game Pass, as well as demand from Microsoft’s own titles. Surface also held up its end, with revenue that increased 37%.

The productivity and business processes segment did its part with strength across its portfolio, up 11% year over year, as Office commercial products grew 9% driven by Office 365 commercial, which jumped 21%.

Microsoft could get another boost from gaming in the current quarter, as the company is releasing the next generation Xbox console next month, just in time for the holidays. In September, Microsoft revealed that for those not able to spend $499 on a new device, the company would begin offering consoles included in a monthly subscription.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

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Danny Vena owns shares of Microsoft. Teresa Kersten, an employee of LinkedIn, a Microsoft subsidiary, is a member of The Motley Fool’s board of directors. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and recommends Microsoft and recommends the following options: long January 2021 $85 calls on Microsoft and short January 2021 $115 calls on Microsoft. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

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In late morning trade the S&P/ASX 200 Index (ASX: XJO) is fighting hard to get into positive territory but is falling just short. At the time of writing, the benchmark index is down slightly to 6,046.4 points.

Four shares that are falling more than most today are listed below. Here’s why they are dropping lower:

Bendigo and Adelaide Bank Ltd (ASX: BEN)

The Bendigo and Adelaide Bank share price is down 2% to $6.68. This appears to have been driven by a broker note out of Morgan Stanley this morning. Its analysts have retained their underweight rating and $6.10 price target on the regional bank’s shares following its first quarter update.

Mach7 Technologies Ltd (ASX: M7T)

The Mach7 Technologies share price is down almost 6% to 88.5 cents following the release of its first quarter update. During the quarter, Mach7 generated $3.3 million (total contract value) of new sales orders and recorded a $0.9 million increase in recurring revenue. Some investors appear to have been expecting stronger growth from the healthcare technology company.

National Storage REIT (ASX: NSR)

The National Storage share price is down 1% to $1.82. This is despite the self-storage operator releasing a positive update at its annual general meeting this morning. National Storage revealed that in excess of 60,000 square metres of occupancy has been added since 1 July. This is the equivalent of 12 full centres. Management has reaffirmed its guidance for FY 2021.

Unibail-Rodamco-Westfield CDI (ASX: URW)

The Unibail-Rodamco-Westfield share price has fallen 4.5% to $2.87. This morning the shopping centre operator revealed that leading independent proxy advisory firm, Glass Lewis, has recommended that shareholders vote in favour of its 3.5 billion euros capital increase. Some major shareholders have objected to the plan, which will be voted on at the company’s extraordinary general meeting in November. It is an essential element of the company’s RESET plan.

More reading

• National Storage (ASX:NSR) share price lower following AGM update
• The ASX 200 sank almost 2% today
• ASX 200 down 1.2%: Blackmores jumps, Bendigo and Adelaide Bank’s update, Zip sinks
• Bendigo and Adelaide Bank (ASX:BEN) share price higher following Q1 update
• 5 things to watch on the ASX 200 on Tuesday

James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and recommends MACH7 FPO. The Motley Fool Australia has recommended MACH7 FPO. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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The share prices of a number of ASX companies have reversed yesterdays losses and made rapid share price gains in morning trade today. Here are four of the leading large caps and some reasons why they have made such a healthy turnaround. 

Afterpay Ltd (ASX: APT)

Afterpay has published very strong first quarter growth figures in its Q1 update today. The company reported a 115% increase in underlying sales to a record of $4.1 billion in Q1. In summary, the US recorded a 229% increase in sales with a 346% step change in UK and a 63% lift in Australia. Moreover, the company’s active user base has grown to 11 million globally.

The company said like-for-like sales growth was driven by Millennials, which accounted for 45 per cent of the increase. Afterpay also noted that defaults were “below historical rates” in all regions. The Afterpay share price has surged 5.26% up at the time of writing.

Resmed CDI (ASX: RMD)

Resmed has also seen its share price reverse yesterday’s trend, rising by 4.3% at the time of writing. Morgan Stanley raised its Resmed share price target this week. Moving it from $25.40 to $25.90 due to its belief in strong growth despite the pandemic. The company is due to deliver its Q1 results tomorrow which are expected to continue the performance of its FY20 annual report. 

Fisher & Paykel Healthcare Corp Ltd (ASX: FPH)

Fisher & Paykel has seen its share price jump up by 4.5% in early trading underlining its status as a ‘go to’ healthcare share for many investors. The company booked a record FY20 profit after sales of respiratory and home care products helped lift the company’s full-year profit 10 per cent. At this time, the company stated that an estimated three million patients were treated with its Optiflow respiratory products during the year.

Coles Group Ltd (ASX: COL)

Supermarket large cap Coles has reported Q1 results above expectations. Same-store supermarket sales rose 9.7 per cent in the September quarter. This was due to a popular Little House collectibles promotion, and strong online and in-store Victorian demand. This is the company’s second-highest quarterly comparable stores sales growth since it was taken over by Wesfarmers Ltd (ASX: WES).

As many still live with some restrictions, there were strong sales of baking mixes, herbs and spices, and cleaning goods.

More reading

• Coles (ASX:COL) share price on watch after beating Q1 expectations
• How ASX shares like Afterpay (ASX:APT) push for explosive growth
• Afterpay (ASX:APT) share price on watch after stellar Q1 growth
• 5 things to watch on the ASX 200 on Wednesday
• The ASX 200 sank almost 2% today

Daryl Mather has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of AFTERPAY T FPO. The Motley Fool Australia owns shares of COLESGROUP DEF SET. The Motley Fool Australia has recommended ResMed Inc. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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The National Storage REIT (ASX: NSR) share price is dropping lower on Wednesday despite the release of an upbeat annual general meeting presentation.

In morning trade the self-storage operator’s shares are down 1% to $1.82.

What was in its annual general meeting update?

Along with the summary of its performance in FY 2020, management provided investors with an update on how it was performing in the new financial year.

According to the release, National Storage has started FY 2021 in a positive fashion, with its combined occupancy up 5.6% year to date to 84.5%.

Management notes that in excess of 60,000 square metres of occupancy has been added since 1 July, which is the equivalent of 12 full centres.

Also increasing in FY 2021 has been its revenue per available square metre (REVPAM) metric. At the end of the first quarter, it stood at $200. This is up from $195 at 30 June.

In respect to occupancy levels, management notes that almost half (48%) of its centres are now operating with occupancy levels above 85%. Approximately 23% are above 90% occupancy.

Another positive is that the pandemic hasn’t stopped the company from pursuing its growth through acquisitions strategy. It completed eight acquisitions totalling $139 million, adding 54,100 square metres of net lettable area. Pleasingly, its forward-looking acquisition pipeline remains strong.

In addition to this, there are four expansion projects that are nearing completion and its development pipeline remains strong with seven projects expected to be completed during FY 2021.

Outlook.

National Storage is one of only a handful of companies that are confident enough to provide guidance for the full year. Though, admittedly, it has provided a reasonably broad guidance range.

Management revealed that it expects to report underlying earnings of $78 million to $84 million and underlying earnings per share of 7.7 cents to 8.3 cents per security.

This compares to underlying earnings of $67.7 million and earnings per share of 8.3 cents in FY 2020.

More reading

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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