Prologis (PLD) Tops Q2 EPS by 8c, Revenues Beat; Raises FY20 EPS Guidance Above Consensus

Prologis (NYSE: PLD) reported Q2 EPS of $0.54, $0.08 better than the analyst estimate of $0.46. Revenue for the quarter came in at $1.27 billion versus the consensus estimate of $928.42 million.

"Our results for the quarter were excellent, driven by strong operating performance and record promote income. I'm proud of our team who has worked tirelessly to navigate the current environment," said Hamid R. Moghadam, chairman and CEO, Prologis. "While e-commerce is clearly a tailwind, demand is broad-based across a variety of categories—a trend we saw accelerate in June."

"While the credit markets were turbulent through much of the quarter, we again demonstrated our ability to raise very attractive debt across our co-investment ventures and global markets," said Tim Arndt, treasurer, Prologis. "We issued over ¥40 billion of unsecured bonds in Japan for Prologis, raised $525 million of new private placement notes for USLF and completed a new €500 million green bond issuance in PELF. Our platform allows us to be agile and strategic when sourcing capital, even when there is significant dislocation."

GUIDANCE:

Prologis sees FY2020 EPS of $2.06-$2.18, versus the consensus of $1.91.

For earnings history and earnings-related data on Prologis (PLD) click here.

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