Prologis (PLD) Tops Q4 EPS by 2c, Revenues Beat; Offers FY21 Guidance

Prologis (NYSE: PLD) reported Q4 EPS of $0.38, $0.02 better than the analyst estimate of $0.36. Revenue for the quarter came in at $1.11 billion versus the consensus estimate of $992.16 million.

"The work we have done to create the best-in-class portfolio and the most efficient cost structure in the industry is delivering exceptional financial results," said Hamid R. Moghadam, chairman and CEO, Prologis. "The pandemic has pushed global supply chains to their limits. Increased e-commerce adoption and the rebuilding of inventories to meet consumer demand are structural forces in the logistics environment that will take years to play out."

Moghadam added, "The Prologis platform provides us with the ability to create value for our customers beyond our real estate from our unmatched purchasing power and significant investments in technology, innovation and data."

GUIDANCE:

Prologis sees FY2021 EPS of $2.36-$2.52, versus the consensus of $1.54.

"Year-over-year growth at the midpoint, excluding promotes, is forecasted to be more than 10 percent. Promote revenue will be negligible in 2021, and we expect to recognize two cents of net promote expense related to the amortization of costs from prior period promotes," said Thomas S. Olinger, chief financial officer, Prologis. "We expect to generate over $1.0 billion in free cash flow after dividends and maintain a low dividend AFFO payout ratio in the mid-60 percent range."

Olinger added, "Since the ProLogis/AMB merger, our earnings CAGR of 9.5 percent has outperformed other logistics REITs1 by more than 350 basis points annually. This is the result of the work we have done over the last 10 years building the premier portfolio that is critical to today's supply chain and centered squarely on our customers."

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

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