Foreword (NYSE:), the San Francisco-based industrial property owner, reported a drop in third-quarter earnings on Tuesday. The company’s earnings fell to $747.6 million, or 80 cents per share, down from $1.02 billion, or $1.36 per share, last year, as Will Feuer noted. Despite the earnings decline, Prologis’ core funds from operations, primarily from its industrial properties, beat FactSet analysts’ expectations at $1.30 per share versus a projected $1.26 per share.
The company’s total revenue increased to $1.92 billion and rental income increased significantly to $1.78 billion from $1.16 billion last year. This lines up with data from InvestingPro, which shows revenue growth of 49.88% over the trailing twelve months. However, costs also increased more than 37% to $1.25 billion. The average occupancy rate across Prologis’ portfolio fell slightly to 97.1% from 97.5% in the previous quarter. Amid economic instability, CEO Hamid Moghadam expressed concern about future demand. According to InvestingPro Tips, Prologis has been a top player in the industrial REIT industry and has maintained dividend payments for 13 consecutive years.
The same day, Bank of America reported a 10% rise in its third-quarter earnings to $7.8 billion, or 90 cents per share, beating expectations. Revenue also rose 3% to $25.2 billion, slightly above estimates. This reflects InvestingPro data showing revenue growth of 5.63% over the last twelve months. However, unrealized losses mounted on its portfolio of securities purchased during low interest rates, negatively affecting its stock price, which was down 18.5% this year through Tuesday.
Bad loans rose and net charge-offs reached $931 million, prompting the bank to increase its rainy-day funds for potential future credit losses. CEO Brian Moynihan analyzed these results in light of a slowing but resilient economy, with U.S. consumer spending still above last year. Notably, Bank of America has maintained its dividend payments for 53 consecutive years, according to InvestingPro Tips.
Other major banks such as JPMorgan Chase (NYSE , Wells Fargo and citi group (NYSE:) also reported higher earnings from a year earlier due to the economy’s resilience to higher interest rates. Bank of America reported 8% growth in adjusted trading income to $4.4 billion, a 4% increase in net interest income to $14.4 billion and an increase in investment banking fees to about $1.3 billion. million, while non-interest income remained stable at $10.8 billion. For more information, consider checking out the InvestingPro platform, which offers a variety of useful tips and real-time metrics for investors.
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