BOSTON (AP) — BOSTON (AP) — American Tower Corp. (AMT) on Tuesday reported a key measure of profitability in its first quarter. The results topped Wall Street expectations.
The real estate investment trust, based in Boston, said it had funds from operations of $1.32 billion, or $2.84 per share, in the period.
The average estimate of five analysts surveyed by Zacks Investment Research was for funds from operations of $2.50 per share.
Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had net income of $859.5 million, or $1.84 per share.
The wireless communications infrastructure company posted revenue of $2.74 billion in the period, also exceeding Street forecasts. Five analysts surveyed by Zacks expected $2.65 billion.
American Tower expects full-year funds from operations in the range of $10.90 to $11.07 per share.
The company’s shares have declined slightly since the beginning of the year, while the S&P’s 500 index has climbed nearly 5%. The stock has dropped 17% in the last 12 months.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on AMT at https://www.zacks.com/ap/AMT