BOSTON (AP) — BOSTON (AP) — American Tower Corp. (AMT) on Tuesday reported a key measure of profitability in its third quarter. The results surpassed Wall Street expectations.
The real estate investment trust, based in Boston, said it had funds from operations of $1.24 billion, or $2.64 per share, in the period.
The average estimate of five analysts surveyed by Zacks Investment Research was for funds from operations of $2.54 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 a loss of $792.3 million, or $1.69 per share.
The wireless communications infrastructure company posted revenue of $2.52 billion in the period, which did not meet Street forecasts. Four analysts surveyed by Zacks expected $2.76 billion.
American Tower expects full-year funds from operations in the range of $10.45 to $10.62 per share.
The company's shares have risen almost 3% since the beginning of the year, while the S&P's 500 index has risen 22%. The stock has climbed 27% 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
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