Prologis 2Q Revenue Declines; Company Sees Improving Customer Demand
By Denny Jacob
Prologis logged a decline in revenue in its latest quarter but called out improving customer demand and growth opportunities in data centers and energy.
The real estate logistics company posted earnings attributable to common shareholders of $859.8 million, or 92 cents a share, for the second quarter ended June 30, down from $1.21 billion, or $1.31 a share, a year earlier. Core funds from operations were $1.34 a share, slightly above analysts' estimates of $1.33 a share.
Revenue declined to $2.01 billion from $2.45 billion. Analysts polled by FactSet expected $2.02 billion.
"While customer demand remains subdued, it is improving, and we expect that trend to continue as the construction pipeline shrinks," said Chief Executive Hamid Moghadam. He added that the opportunities in data centers and energy lend confidence to future growth.
Prologis revised its 2024 guidance. The company forecast earnings per-share attributable to common shareholders between $3.25 and $3.45 compared to its prior outlook in the range of $3.15 a share and $3.35 a share.
Core funds from operations attributable to common shareholders was forecast between $5.39 a share and $5.47 a share compared to its prior guidance range of $5.37 a share to $5.47 a share.
Write to Denny Jacob at denny.jacob@wsj.com
(END) Dow Jones Newswires
July 17, 2024 08:38 ET (12:38 GMT)
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