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Investing.com --Prologis Inc reported quarterly earnings below Wall Street expectations and cut its full-year profit guidance. Though the lower guide was better than the consensus on “strong” leasing demand.
The better than expected outlook helped lift shares of Prologis (NYSE:PLD) 1.55% to $110 in premarket trading on modest volume.
The logistics-focused real estate investment trust posted second-quarter earnings per share of $0.61, falling short of analysts’ average estimate of $0.69.
Revenue rose to $2.04 billion, beating the $2.01 billion consensus.
Prologis lowered its 2025 EPS forecast to a range of $3.00 to $3.15, even below its previously target of atleast $3.45. Though it well above the average analyst estimate of $2.59.
CEO Hamid Moghadam said quarter saw strong operational execution and customer relationships, while President Dan Letter pointed to record-high leasing pipeline activity.
"What we’re hearing from customers, especially the larger ones, is clear: they’re planning, engaging and increasingly ready to act," Letter said.
"These trends are evident in both our leasing and build-to-suit activity—and we’re in a strong position to meet that demand."