ProLogis Tops Q2 Estimates

ProLogis shares were up over 1% pre-market Tuesday after the company said Q2 net earnings fell to $0.50 per share from $0.52 in the year-ago period but topped the CapIQ mean for $0.44. Core funds from operations rose to $0.84 per share from $0.40 last year. FFO was expected at $0.78 and adjusted FFO at $0.68.

Sales rose to $766 million from $602 million a year ago and beat forecasts for $576 million. For 2017, it raised its net EPS guidance to $2.76 to $2.84 and core FFO per diluted share to $2.78 to $2.82. Previously, the company expected EPS of $1.70 to $1.80 and core FFO of $2.72 to $2.78 per share. Forecasts are for GAAP EPS of $1.50 and normalized EPS of $1.48. Estimates are for FFO of $2.75 and adjusted FFO for $2.35.

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