Prologis Shares Up After Earnings, Guidance Boost
April 19 2022 - 9:13AM
Dow Jones News
By Michael Dabaie
Prologis Inc. shares rose 2.4% to $166.98 premarket after the
logistics real estate company reported first quarter results above
analyst expectations and boosted 2022 guidance.
Prologis reported first quarter per-share earnings of $1.54, up
from 49 cents the same period a year earlier, and beating the
FactSet consensus for 68 cents.
Per-share core funds from operations came to $1.09 for the
quarter, compared to the $1.07 expected.
Prologis raised its 2022 profit guidance to $4.85 to $5 a share
from its previous outlook of $4.40 to $4.55. The company boosted
outlook for per-share core FFO to $5.10 to $5.16, from $5 to
$5.10.
"The need for resilience in the supply chain continues to drive
record demand despite today's economic and geopolitical risks,"
Chief Executive Hamid Moghadam said.
"Our lease mark-to-market of 47 percent provides substantial
embedded earnings growth for years to come even without any further
increase in market rents," Chief Financial Officer Timothy Arndt
said. "The long-term growth outlook for our business and balance
sheet has never been stronger."
Write to Michael Dabaie at michael.dabaie@wsj.com
(END) Dow Jones Newswires
April 19, 2022 08:58 ET (12:58 GMT)
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