Prologis Inc. (NYSE: PLD) said on Monday that its profit and revenue in the fiscal first quarter came in better than expected. The company also raised its guidance for the full financial year on the back of robust demand.
Prologis shares that you can learn to buy online here slid roughly 0.5% in premarket trading on Monday and lost another close to 1% on market open. The stock is now trading at £80 per share versus £68.66 per share at the start of the year.
Prologis Q1 financial results versus analysts’ estimates
Are you looking for fast-news, hot-tips and market analysis?
Sign-up for the Invezz newsletter, today.
Prologis said that its net earnings printed at £262.47 million in the first quarter that translates to 35.14 pence per share. In the comparable quarter of last year, its net earnings stood at a higher £350.67 million, or 50.20 pence per share.
Adjusted for one-time items, its per-share funds from operations (FFO) registered at 69.59 pence in Q1 versus the year-ago figure of 59.52 pence per share. Prologis generated £820 million of total revenue in the recent quarter that represents an annualised growth of 17.4%.
According to FactSet, experts had forecast the company to post £707.52 million of total revenue in the first quarter. Their estimate for per-share earnings was capped at a slightly lower 67.41 pence per share.
As per the real estate investment trust, average occupancy in the first quarter registered at 95.4% versus 95.8% in Q4. Retention also fell from 78.4% to 69.1%. For the full financial year, Prologis raised its guidance on Monday for per-share funds from operations on an adjusted basis to up to £2.87. In its earlier guidance, it had expected up to £2.85 instead.
visit & create account
Chief Executive Hamid Moghadam’s comments on Monday
CEO Hamid R. Moghadam commented on the financial update on Monday and said:
“The robust demand from the fourth quarter has carried into 2021 and is as strong as I have seen in my career. Global supply chains are pushing to keep pace with accelerating economic activity, retooling for faster fulfilment and resilience.”
In separate news from the United States, GameStop said its Chief Executive George Sherman will exit the role on 31st July, or sooner if a replacement is found earlier.
Prologis performed fairly upbeat in the stock market last year with an annual gain of more than 10%. At the time of writing, it is valued at £59.09 billion and has a price to earnings ratio of 55.65.
- Puducherry Assembly Election Results 2021: Full list of winners
- Covid-19: Pakistan’s death toll crosses 18,000-mark – Times of India
- From being pregnant to abortion, attempting suicide and more: Ileana D’Cruz spills the beans on most BIZARRE rumours about herself | Bollywood Life
- IPL 2021: Someone is Controlling SRH From Outside – Ajay Jadeja