Prologis Cuts 2020 Profit Outlook

(RTTNews) - Prologis Inc. (PLD) said that it cuts its profit outlook for fiscal year 2020.

"While the full economic impact of the pandemic is difficult to quantify, we have analyzed numerous scenarios and have adjusted our guidance to account for a broad range of outcomes," said Thomas Olinger, chief financial officer, Prologis.

The company has have assumed reduced demand into the third quarter and anticipates that the operating environment will begin to recover toward the end of the year.

The company cut its annual net earnings per share outlook to a range of $1.81 to $1.88 from the prior estimation of $1.98 to $2.13 per share. Analysts polled by Thomson Reuters expect the company to report earnings of $1.57 per share for fiscal year 2020. Analysts' estimates typically exclude special items. The company now projects annual Core FFO to be in the range of $3.55 to $3.65, compared to the prior estimation of $3.67 to $3.75.