ProLogis, a Denver-based warehouse owner, saw its shares fall to a three- month low after reporting a seventh straight drop in quarterly funds from operations and forecasting 2010 earnings that were less than some analysts’ estimates.
The shares sank 4.7 percent to $11.82 in New York Stock Exchange composite trading.
Fourth-quarter funds from operations slid to $62.8 million, or 13 cents a share, from $151 million, or 56 cents, a year earlier, ProLogis said Thursday.
Viacom Inc.’s cost-cutting at Paramount Pictures boosted the media giant’s profits, but advertisers remained cautious about spending money during the holiday quarter.
Ad revenue fell 3 percent overall in the three months to December on Viacom cable channels such as Nickelodeon, BET and Comedy Central.
The company earned $694 million, or $1.14 a share, in the last three months of 2009. That was quadruple the $173 million, or 28 cents a share, it earned in the same period a year earlier. Revenue slipped 3 percent to $4.1 billion.
PepsiCo Inc.’s fourth-quarter profit almost doubled on strength in its snacks business and overseas beverage operations.
The drink-maker said Thursday that it will continue to launch new snack products as well as speed up growth in developing markets, which it expects to boost revenue and profit.
The company earned $1.43 billion, or 90 cents a share, even with the estimates of analysts polled by Thomson Reuters. Sales for the period ended Dec. 26 climbed 4.5 percent to $13.3 billion.
AutoNation Inc. logged an 8 percent sales increase in the fourth quarter, a sign that supports the company’s contention that a recovery in auto sales is in progress.
The operator of the Go dealerships in the metro area earned $61.7 million, or 35 cents a share, compared with $67.1 million, or 38 cents a share, a year earlier. Revenue rose 8 percent to $2.82 billion.
