Prologis 4Q Revenue Soars While Earnings Slide
January 18 2023 - 8:54AM
Dow Jones News
By Dean Seal
Prologis Inc. said revenue rose by more than a third in the
fourth quarter as the average occupancy of its properties continued
to edge higher, though earnings took a step back.
The San Francisco-based industrial-property landlord posted
earnings of $587.2 million, or 63 cents a share, compared with
$1.25 billion, or $1.67 a share, in the same quarter a year ago.
Analysts polled by FactSet had been expecting 61 cents a share.
Core funds from operations, a measure of operating performance,
came in at $1.24 a share, two cents above the analyst consensus,
according to FactSet.
Total revenue rose to $1.75 billion from $1.28 billion last
year, topping analyst expectations of $1.42 billion.
Average occupancy in Prologis's owned and managed portfolio
ticked up to 98% from 97.7% in the prior quarter.
Chief Executive Hamid R. Moghadam commended the company's
performance "in the face of a slowing economy," he said, adding
that "it will likely take a few quarters before we see meaningful
price discovery, and normalization of values."
Shares advanced 1%, to $122.68, in premarket trading.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
January 18, 2023 08:39 ET (13:39 GMT)
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