Prologis Raises FY20 Profit Outlook – Quick Facts
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.
Ugandan President Likely to Seek a Sixth Term In Vote Next Year
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Ugandan President Yoweri Museveni will likely seek a sixth term in elections next year, with officials collecting papers to obtain the nomination as the ruling party’s candidate.
Representatives of the president, who has ruled the East African nation since 1986, picked up the forms Monday, Tanga Odoi, chairman of the ruling party’s electoral commission, said by phone.
Museveni, 75, became eligible to seek re-election after parliament in 2017 agreed to abolish an upper-age limit for presidential candidates. Last year, he was chosen by the ruling party’s top decision-making committee and its lawmakers as their candidate for the 2021 polls.
Pop star turned-politician Robert Kyagulanyi, who goes by the stage name Bobi Wine, and former Security Minister Henry Tumukunde are among those who have declared their intentions to challenge Museveni in the elections. The electoral commission last month ruled out political rallies, opting for media-based campaigns instead, as the nation tries to contain the spread of the Covid-19 outbreak.
ProLogis Q2 adjusted earnings Beat Estimates
Below are the earnings highlights for ProLogis (PLD):
-Earnings: $404.54 million in Q2 vs. $383.78 million in the same period last year.
-EPS: $0.54 in Q2 vs. $0.60 in the same period last year.
-Excluding items, ProLogis reported adjusted earnings of $853.64 million or $1.11 per share for the period.
-Analysts projected $0.46 per share
-Revenue: $1.27 billion in Q2 vs. $0.79 billion in the same period last year.
Full year EPS guidance: $2.06 to $2.18
CMC Acquires Substantially All The Assets Of GalvaBar From AZZ
Commercial Metals Co. (CMC) announced Tuesday that its wholly owned subsidiary, CMC Steel Oklahoma, LLC, has acquired substantially all of the assets of AZZ, Inc.’s (AZZ) GalvaBar business. Terms of the transaction were not disclosed.
The continuous galvanized rebar business uses a proprietary process to produce GalvaBar, which is a galvanized rebar with a zinc alloy coating that provides both superior corrosion protection and exceptional post-fabrication formability.
GalvaBar operates out of a dedicated facility in Tulsa, Oklahoma, and its products are sold throughout the United States and the Caribbean.
Paccar Inc. Earnings Fall In Q2
Paccar Inc. (PCAR) revealed a profit for second quarter that fell from last year.
The company’s earnings came in at $147.7 million, or $0.43 per share. This compares with $619.7 million, or $1.78 per share, in last year’s second quarter.
Analysts had expected the company to earn $0.31 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.
The company’s revenue for the quarter fell 56.9% to $2.70 billion from $6.27 billion last year.
Paccar Inc. earnings at a glance:
-Earnings (Q2): $147.7 Mln. vs. $619.7 Mln. last year.
-EPS (Q2): $0.43 vs. $1.78 last year.
-Analysts Estimate: $0.31
-Revenue (Q2): $2.70 Bln vs. $6.27 Bln last year.
Conservative Icon George Will Says He’ll Vote For Joe Biden In 2020 Election
George Will plans to break the habit of a lifetime in the 2020 election.
The longtime conservative commentator said Monday he’ll cast his vote for presumptive Democratic nominee Joe Biden in a bid to defeat President Donald Trump at the ballot box.
It will likely be the first time that Will has ever voted for a Democrat, he told USA TODAY’s Susan Page during a conversation for The Aspen Institute.
“I’m a big believer in parties, in party strength and party tickets. Not this year,” said Will, who quit the GOP in June 2016 in protest of Trump’s imminent nomination as its presidential candidate.
Will, a vocal and frequent critic of Trump and his administration, also predicted a “decisive victory” for Biden. He suggested proceedings will be wrapped up by 11 p.m. ET on election night, with Biden winning several swing states.
“I think that’s important because the president has already announced he might not accept the outcome… therefore it’s wise to have a tsunami of popular votes,” said Will of his “risky but fun” forecast.