Prologis reports earnings, core FFO above expectations; shares up

Investing.com -- Prologis (NYSE: PLD) reported third-quarter core Funds From Operations (FFO) and results that beat analysts' expectations, sending its shares rising more than 1% in premarket trading Wednesday.

The company posted earnings per share (EPS) of $1.45 for the quarter, significantly beating the estimate of $0.66. Revenue came in at $2.04 billion, also above the consensus estimate of $1.91 billion.

Core FFO per share was reported at $1.43, higher than the $1.38 expected by analysts.

Meanwhile, occupancy stood at 95.9%, compared to the projected 96.3%.

Looking ahead, Prologis expects FY2024 EPS in the range of $3.35 to $3.45, well above the consensus estimate of $2.78.

Core FFO attributable to common stockholders and unitholders is anticipated to be between $5.42 and $5.46.

"The bottoming process is underway as our customers navigate an uncertain environment," said Hamid R. Moghadam, co-founder and CEO of Prologis.

"Looking ahead, the supply picture is improving, and the long-term demand drivers for our business remain strong. Going forward, we find ourselves in an enviable position as the partner of choice for leading global customers, to meet their needs in supply chain, digital and energy infrastructure."

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