Prologis Q2 Profit Increases; Raises Earnings Guidance

(RTTNews) - Prologis, Inc. (PLD) reported second quarter net earnings attributable to common stockholders of $1.22 billion compared to $610 million, previous year. Net earnings per share was $1.31 compared to $0.82. On average, seven analysts polled by Thomson Reuters expected the company to report profit per share of $1.00, for the quarter. Analysts' estimates typically exclude special items. Core funds from operations per share was $1.83, compared with $1.11. The company noted that its results for the second quarter of 2023 included $0.58 per share attributable to net promote income from Strategic Capital business, while the results for the same period in 2022 included none.

Second quarter total revenues increased to $2.45 billion from $1.25 billion, prior year. Rental and other revenues increased to $1.65 billion from $1.10 billion. Analysts on average had estimated $1.69 billion in revenue.

For fiscal 2023, the company now expects earnings per share in a range of $3.30 to $3.40, an increase of 5.5% at mid point from prior guidance. Core FFO attributable to common stockholders/unitholders, excluding Net Promote Income, is now projected in a range of $5.06 to $5.10, up 0.4% at mid point from previous guidance.

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