Prologis Lifts Profit Outlook as Results Soar
October 20 2015 - 9:18AM
Dow Jones News
By Chelsey Dulaney
Prologis Inc. said profit and revenue soared in the third
quarter, as the San Francisco-based industrial real-estate company
continued to benefit from higher rents and occupancy rates.
The company boosted its earnings guidance for the year to $1.51
to $1.53 a share, up from its previous range of $1.12 to $1.16 a
share.
Prologis also narrowed its current-year forecast for core funds
from operations to a range of $2.19 to $2.21 a share from its
previous guidance of $2.18 to $2.22.
The current Prologis was formed in June 2011, when the nation's
two biggest publicly traded warehouse owners--Prologis and AMB
Property Corp.--merged in one of the largest real estate deals
since the recession.
In the latest quarter, Prologis said occupancy for real estate
it owns and manages ticked up to 96% from 95% a year earlier.
In all for the period ended Sept. 30, Prologis's profit rose to
$259 million from $136.2 million a year earlier. On a per-share
basis after the payout of preferred dividends, the company earned
49 cents a share, up from 23 cents a year earlier.
Core funds from operations were 58 cents a share, compared with
48 cents a share a year earlier.
Revenue surged 40% to $580.6 million.
Analysts polled by Thomson Reuters had forecast 19 cents a share
in earnings on $486.8 million in revenue.
Write to Chelsey Dulaney at Chelsey.Dulaney@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
October 20, 2015 09:03 ET (13:03 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
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