Prologis (PLD) FY2019 results: revenue $3.3 billion, up 18.8% on the year
Prologis, Inc. (PLD) reported revenue of $3.3 billion for fiscal 2019, the year ended 31 December 2019, up 18.8% on the year before. Net income was $1.6 billion, down 4.6%, and diluted earnings per share $2.46. The figures are the company's own, from the 10-K it filed with the SEC on 11 February 2020.
Revenue
$3.3 billion
+18.8% on the year
FY2012FY2019
Operating margin
55.5%
60.2% a year earlier
FY2012FY2019
Net income
$1.6 billion
-4.6% on the year
FY2012FY2019
Diluted EPS
$2.46
-14.3% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
3,331
2,804
2,618
+18.8%
Operating income
1,850
1,688
1,954
+9.6%
Operating margin
55.5%
60.2%
74.6%
Interest expense
240
229
274
+4.7%
Pre-tax income
1,776
1,886
1,816
-5.8%
Income tax
74.5
63.3
54.6
+17.7%
Effective tax rate
4.2%
3.4%
3.0%
Net income
1,573
1,649
1,652
-4.6%
Net margin
47.2%
58.8%
63.1%
Diluted EPS
$2.46
$2.87
$3.06
-14.3%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
2,264
1,804
1,687
+25.5%
Capital expenditure
1,795
1,953
1,606
-8.1%
Free cash flow
469
-150
81.1
Free cash flow margin
14.1%
-5.3%
3.1%
Cash from investing
-685
-664
543
Cash from financing
-840
-1,232
-2,607
Depreciation and amortisation
1,140
947
879
+20.3%
Share-based compensation
97.6
76.1
76.6
+28.2%
Dividends paid
1,346
1,123
943
+19.8%
Dividend per share
$2.12
$1.92
$1.76
+10.4%
Diluted shares, weighted
655m
590m
552m
+11.0%
Shares outstanding at period end
632m
630m
532m
+0.3%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
22,653
22,298
15,631
+1.6%
Non-controlling interest
3,419
3,503
3,075
-2.4%
Debt
11,906
11,090
9,413
+7.4%
Other liabilities
2,054
1,527
1,363
+34.5%
Total liabilities and equity
40,032
38,418
29,481
+4.2%
Fixed assets
107
112
n/a
-4.2%
Intangible assets
671
755
468
-11.1%
Cash and equivalents
1,089
344
447
+216.7%
Other assets
38,164
37,207
28,566
+2.6%
Total assets
40,032
38,418
29,481
+4.2%
10-K for the year ended 31 December 2019, filed 11 February 2020: the filing.