PLD Prologis

   By Imani Moise 
 

Prologis Inc. reported first quarter earnings before the opening bell Tuesday. Here's what you need to know:

EARNINGS: The logistics real estate company reported earnings of $366 million, or 68 cents a share, up from $203 million, or 38 cents a year earlier. On an adjusted basis, the company said core funds from operations was 80 cents a share. Analysts polled by Thomson Reuters had forecast 74 cents a share

REVENUE: Sales in the company's core rental business declined 1.9% to $561 million while strategic capital revenue more than doubled to $133 million. Total revenue for the quarter was $694 million

OUTLOOK: Chief Executive Hamid Moghadam said, "Market conditions remain extremely healthy" and the company now expects earnings of $2.50 to $2.60 a share compared to prior guidance up to $2.25 a share.

STOCK MOVE: Shares rose 2.1% to $63.90 during very light premarket trading. The stock has fallen 3% so far this year while the S&P 500 has risen 0.2%.

Write to Imani Moise at imani.moise@wsj.com

(END) Dow Jones Newswires

April 17, 2018 08:53 ET (12:53 GMT)

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