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)
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