Prologis, Inc. (NYSE:PLD) reported its second quarter earnings results on Tuesday 21st July 2020 before market open.
The real estate investment trust, reported $ 0.54 income per share for the quarter.
On adjusted basis, Prologis, Inc. reported core FFO income for the quarter of $ 1.11 per share, beat the consensus estimate of $ 0.46 income per share by $ 0.65 or 141.30 percent.
The quarterly earnings down 10.00 percent compared with the same quarter last year.
The firm had revenue of $ 944.37 million for the quarter, compared to the consensus estimate of $ 928.42 million. The revenues outshined analysts estimates by $ 15.95 million or 1.72 percent.
The financial report showed revenues hiked 34.78 percent versus second quarter of last year.
Analysts estimates are from Thompson Reuters, exclude one time gain or loss
Hamid R. Moghadam, chairman and CEO, Prologis, commented: Our results for the quarter were excellent, driven by strong operating performance and record promote income. I am proud of our team who has worked tirelessly to navigate the current environment. While e-commerce is clearly a tailwind, demand is broad-based across a variety of categories, a trend we saw accelerate in June.
Further, the company updates 2020 earnings estimate from the previous range of $ 1.81 ~ $ 1.88 per share to a new range $ 2.06 ~ $ 2.18 per share.The consensus estimates for 2020 are income of $ 1.91 per share from $ 3643.45 million in revenue.
Thomas S. Olinger, chief financial officer, Prologis, said, While the economic impact of COVID-19 remains unknown, the combination of what we see in our proprietary data, the pace of rent collections, and dialogue with our customers gives us a more positive outlook for the back half of the year.
