Prologis Q3 Profit Rises; Updates FY Outlook

(RTTNews) - Prologis Inc. (PLD) reported that its third quarter net earnings attributable to common stockholders rose to $1.00 billion or $1.08 per share from last year's $746.17 million or $0.80 per share in the same quarter, primarily due to higher disposition gains. Analysts polled by Thomson Reuters expected the company to report earnings of $0.63 per share for the third quarter. Analysts' estimates typically exclude special items.

Core funds from operations per share was $1.43 compared to $1.30 in the prior year.

Core funds from operations, excluding net Promote income or expense, per share was $1.45, an increase of 9.0% from prior year.

Rental revenues for the quarter increased to $1.90 billion from $1.78 billion in the prior year. Total revenues for the quarter grew to $2.04 billion from $1.92 billion in the prior year. Analysts expected revenue of $1.95 billion for the quarter. Analysts expected revenue of $1.95 billion for the quarter.

Looking ahead for fiscal year 2024, the company now projects net earnings per share to be in the range of $3.35 to $3.45 compared to the prior estimation of $3.25 to $3.45.

The company now expects annual Core funds from operations per share to be between $5.42 and $5.46 compared to the prior outlook of $5.39 to $5.47.

Annual core funds from operations, excluding net promote income or expense, is now expected to be in the range of $5.49 to $5.53 compared to the prior estimation of $5.46 to $5.54.

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