Prologis Revenue Rises As Customers Invest in Supply Chain
October 20 2016 - 9:21AM
Dow Jones News
By Austen Hufford
Prologis Inc. (PLD) said revenue and profit rose in its latest
quarter as the owner of warehouses and distribution centers said
its customers continued to increase investment in their supply
chains.
"Customers continue to invest in their supply chains to improve
efficiencies," Chief Executive Hamid Moghadam said. "Their
requirements for logistics facilities are matching up very well
with our properties' locations and functional characteristics."
Results in the quarter were driven by e-commerce, automotive,
consumer products and construction supplies.
The company raised its guidance for the year, now expecting
earnings per share of between $1.90 to $1.95 from $1.70 to $1.90
previously.
It also said it expects annual core funds from operations to be
between $2.56 to $2.57 a share compared with between $2.52 and
$2.58 previously. Analysts polled by Thomson Reuters had expected
$2.57.
Occupancy across Prologis sites was 96.6% during the quarter, up
from 96% a year prior.
In all, the company reported a profit of $280.9 million, or 52
cents a share, up from $260.7 million, or 49 cents, a year prior.
Core funds from operations increased to 73 cents a share from 58
cents. Revenue rose 21% to $705 million.
Analysts projected 70 cents a share in adjusted funds from
operations on $555 million in sales.
Write to Austen Hufford at austen.hufford@wsj.com
(END) Dow Jones Newswires
October 20, 2016 09:06 ET (13:06 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
Prologis (NYSE:PLD)
Historical Stock Chart
From Aug 2024 to Sep 2024
Prologis (NYSE:PLD)
Historical Stock Chart
From Sep 2023 to Sep 2024