Why Prologis Stock Was Slipping Today
Shares of Prologis (NYSE: PLD) were falling today after the world's largest industrial real estate investment trust (REIT) posted second-quarter results that seemed to come up short of Wall Street's expectations, despite beating headline estimates. As of 12:31 p.m. ET, the stock was down 4.4%.
Prologis, which owns warehouses used primarily for logistics and e-commerce, posted results that were mostly in line with estimates, but the stock seemed to fall in response to its elevated valuation. Revenue in the quarter nearly doubled to $2.45 billion, driven in part by last October's acquisition of Duke Realty. That figure easily beat estimates at $1.69 billion.
Earnings per share, meanwhile, jumped from $0.82 to $1.31. This includes $0.58 in earnings per share from its strategic capital segment, which invests in projects overseas. In the quarter a year ago, strategic capital didn't bring in any profit.
Source Fool.com
