Prologis Clocks 37% Jump In Q4 Revenues While Earnings Slide

Logistics real estate firm Prologis Inc PLD reported Q4 revenues of $1.75 billion, up 37.1%, as the average occupancy of its properties continued to edge higher, though earnings took a step back.
The company posted earnings of $585.75 million, or $0.63 a share, compared with $1.25 billion, or $1.67 a share, a year ago.
Core funds from operations, a measure of operating performance, came in at $1.24 a share versus $1.12 a year ago.
The average occupancy in Prologis's owned, and managed portfolio was 98% from 97.7% in the prior quarter.
Chief Executive Hamid R. Moghadam commended the company's performance "in the face of a slowing economy," adding that "it will likely take a few quarters before we see meaningful price discovery and normalization of values."
The company initiated its net earnings and core funds from operations outlook for FY23.
For fiscal 2023, the company forecasts net earnings of $3.00 - $3.15 per share and core funds from operation of $5.40 - $5.50 per share.
The company expects average occupancy of 96.5% - 97.5%.
Price Action: PLD shares are up 2.90% at $124.94 on the last check Wednesday.
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