Prologis 1Q Revenue Beats Estimates, Warns of Slower Environment Ahead
By Denny Jacob
Prologis logged better-than-expected revenue in its latest quarter but warned of a slower environment in the coming quarters as customers look to continue tamping down costs.
The real estate logistics company posted earnings attributable to common shareholders of $584.3 million, or 63 cents a share, for the first quarter ended March 31, up from $463.2 million, or 50 cents a share, a year earlier. Core funds from operations were $1.28 a share, matching analysts' estimates.
Revenue climbed to $1.96 billion from $1.77 billion. Analysts polled by FactSet expected $1.84 billion.
"While operating conditions are healthy in the majority of our markets, customers remain focused on controlling costs, which is weighing on decision making and the pace of leasing," said Chief Executive Hamid Moghadam. He added that the company is prepared for a slower environment in the next quarter or two.
Prologis revised its 2024 guidance. The company forecast earnings per-share attributable to common shareholders between $3.15 and $3.35 compared to its prior outlook in the range of $3.20 a share and $3.45 a share. Core funds from operations attributable to common shareholders was forecast between $5.37 a share and $5.47 a share compared to its prior guidance in the range of $5.42 a share and $5.56 a share.
Write to Denny Jacob at denny.jacob@wsj.com
(END) Dow Jones Newswires
April 17, 2024 08:49 ET (12:49 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
5 Undervalued Stocks to Buy to Play a Little Defense
-
Markets Brief: AI Leaders Excel In Earnings Season So Far
-
What History Tells Us About the Fed’s Next Move
-
What’s Happening In the Markets This Week
-
Alphabet’s New Dividend: What Investors Need to Know
-
Going Into Earnings, Is Palantir Stock a Buy, a Sell, or Fairly Valued?
-
Going Into Earnings, Is Eli Lilly Stock a Buy, a Sell, or Fairly Valued?
-
What’s the Difference Between the CPI and PCE Indexes?
-
After Earnings, Is Tesla Stock a Buy, a Sell, or Fairly Valued?
-
After Earnings, Is GE Aerospace Stock a Buy, a Sell, or Fairly Valued?
-
3 Good Stocks to Buy with Your Tax Refund in 2024 (Or with Any Extra Money)
-
SoFi Earnings: Revenue Growth Slows on Lower Loan Growth and Higher Credit Costs
-
Tesla: Full Self-Driving Approval In China Supports Our View for Deliveries Growth In 2024
-
Philips Earnings: Firm Reaches $1.1 Billion Settlement Agreement
-
AbbVie Earnings: Next-Generation Immunology Drugs Help Offset Humira Biosimilar Pressure
-
Exxon Earnings: Ignore Earnings Shortfall as Long-Term Growth and Improvement on Track