Plus   Neg

Prologis Cuts 2020 Profit Outlook

Prologis Inc. (PLD) said that it cuts its profit outlook for fiscal year 2020.

"While the full economic impact of the pandemic is difficult to quantify, we have analyzed numerous scenarios and have adjusted our guidance to account for a broad range of outcomes," said Thomas Olinger, chief financial officer, Prologis.

The company has have assumed reduced demand into the third quarter and anticipates that the operating environment will begin to recover toward the end of the year.

The company cut its annual net earnings per share outlook to a range of $1.81 to $1.88 from the prior estimation of $1.98 to $2.13 per share. Analysts polled by Thomson Reuters expect the company to report earnings of $1.57 per share for fiscal year 2020. Analysts' estimates typically exclude special items.

The company now projects annual Core FFO to be in the range of $3.55 to $3.65, compared to the prior estimation of $3.67 to $3.75.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Vegpro International is recalling Fresh Attitude baby spinach citing potential to be contaminated with Salmonella, according to the U.S. Food and Drug Administration. The recall involves Fresh Attitude baby spinach of 5oz with best before dates of December 4 & 5; and 11oz with best before date of December 4. Startups Airbnb Inc. and DoorDash Inc. are planning for higher-than-expected valuation ranges for their initial public offerings, the Wall Street Journal reported citing people familiar with the matter. San Francisco-based home rental platform Airbnb is planning to target a range of around $30 billion to $33 billion, higher than the $30 billion it had been expected earlier. U.S. auto safety regulator has opened an investigation into about 115,000 Tesla electric vehicles over a front suspension safety issue. The probe covers 2015 through 2017 Model S sedans and 2016 through 2017 Model X SUVs. The investigation comes after Tesla reportedly started a recall over the issue for vehicles in China.
Follow RTT