Have you been eager to see how Prologis Inc. 's PLD performed in Q3 in comparison with the market expectations? Let's quickly scan through the key facts from this San Francisco, CA - based industrial real estate investment trust's (REIT) earnings release this morning:
Prologis came out with core funds from operations ("FFO") per share of 67 cents, in-line with the Zacks Consensus Estimate.
The company experienced improved operating environment in the reported quarter but it did not recognize any promote income.
How Was the Earnings Surprise Trend?
Prologis has a decent earnings surprise history. Before posting in-line performance in Q3, the company delivered positive surprise in three out of prior four quarters and in-line result in the other occasion, as shown in the chart below.
Prologis, Inc. Price and EPS Surprise
Overall, the company surpassed the Zacks Consensus Estimate by an average of 3.4% in the trailing four quarters.
Revenue Came Higher Than Expected
Prologis posted revenues of $602.9 million, which beat the Zacks Consensus Estimate of $570.4 million. It compared unfavorably with the year-ago number of $704.6 million.
Key Developments to Note:
Prologis narrowed its core FFO per share outlook for full-year 2017. The company now projects core FFO per share in the range of $2.79-$2.81, against $2.78-$2.82 guided earlier.
What Zacks Rank Says
Prologis currently has a Zacks Rank #2 (Buy). However, since the latest earnings performance is yet to be reflected in the estimate revisions, the rank is subject to change. While things apparently look favorable, it all depends on what sense the just-released report makes to the analysts.
Note: All EPS numbers presented in this write up represent funds from operations ("FFO") per share. FFO, a widely used metric to gauge the performance of REITs, is obtained after adding depreciation and amortization and other non-cash expenses to net income.
Check back later for our full write up on this PLD earnings report later!
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