Uniti: 2Q Earnings Snapshot
LITTLE ROCK, Ark. (AP) _ Uniti Group Inc. (UNIT) on Thursday reported a key measure of profitability in its second quarter.
The Little Rock, Arkansas-based real estate investment trust said it had funds from operations of $105.4 million, or 55 cents per share, in the period.
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 $38.2 million, or 20 cents per share.
The real estate investment trust posted revenue of $264.4 million in the period, missing Street forecasts. Three analysts surveyed by Zacks expected $265.6 million.
Uniti expects full-year funds from operations in the range of $2.08 to $2.13 per share, with revenue in the range of $1.07 billion to $1.08 billion.
The company’s shares have decreased 45% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $8.52, a decline of 53% in the last 12 months.