Prologis slides despite earnings, guidance beat

Shares of Prologis (NYSE:) slid 2.75% in Wednesday premarket trading after the logistics real estate firm revealed a mixed earnings report for Q4 and the full fiscal 2023.

Notably, the company posted net earnings per diluted share of $0.68, compared to $0.63 per share in the same quarter a year ago, and above the consensus estimates of $0.59. Revenue came in at $1.89 billion, beating Wall Street’s projection of $1.85 billion.

Prologis reported core funds from operations (Core FFO) per diluted share of $1.26 in the fourth quarter, compared with $1.24 in Q4 2022. Core FFO, a metric that disregards Net Promote Income (Expense) per diluted share, was reported at $1.29 in the quarter, up from $1.23 in the year-ago period.

Looking ahead, Prologis expects EPS for the full 2024 to be in the range of $3.20 to $3.45, topping the analysts’ estimates of $3.14.

“We closed 2023 adding another year of exceptional performance. I couldn’t be more proud of our team,” said Hamid R. Moghadam, co-founder and CEO of Prologis.

“While uncertainties remain in the economic and geopolitical environment, we are positive about the outlook for 2024. We remain focused on executing the strategy outlined at our recent Investor Forum to drive significant value from our global scale and continue to be a best-in-class partner to our customers.”