(RTTNews) - While reporting its financial results for the second quarter on Tuesday, Prologis Inc. (PLD) raised its profit outlook for fiscal 2020.
ProLogis now forecasts fiscal 2020 net earnings in a range of $2.06 to $2.18 per share and core FFO in a range of $3.70 to $3.75 per share. Earlier, the company projected net earnings in a range of $1.81 to $1.88 per share and core FFO in a range of $3.55 to $3.65 per share.
On average, analysts polled by Thomson Reuters expect the company to report earnings of $1.91 per share for the year. Analysts' estimates typically exclude special items.
"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. Year-over-year Core FFO growth at the midpoint, excluding promotes, is extremely strong, at over 12.5%, with leverage flat," said Thomas Olinger, chief financial officer of Prologis.
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