Prologis stock drops 3% despite Q2 beat & guidance raise
Prologis stock jumps 5% following Q2 beat & guidance raise
PLD
-3.11%
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Prologis (NYSE:PLD) shares closed with more than a 3% loss today despite the company reporting better-than-expected Q2 earnings and raising its 2023 guidance.
Q2 EPS came in at $1.31, better than the consensus estimate of $0.98. Revenue was $2.45 billion, beating the consensus estimate of $1.7B. Core FFO per diluted share was $1.83, compared to $1.11 in Q2/22.
“The continuation of record operating results is a testament to Prologis’ premier global portfolio and the enormous, embedded mark-to-market upside that will provide industry-leading, predictable growth for years to come,” said CEO Hamid R. Moghadam.
The company raised its fiscal 2023 EPS guidance to $3.30-$3.40 (vs. prior $3.10-$3.25), compared to the consensus estimate of $2.80. Core FFO estimate attributable to common stockholders/unitholders was raised to $5.56-$5.60 from $5.42-$5.50.
