American Tower: 2Q Earnings Snapshot
BOSTON (AP) _ American Tower Corp. (AMT) on Tuesday reported a key measure of profitability in its second quarter. The results surpassed Wall Street expectations.
The Boston-based real estate investment trust said it had funds from operations of $844 million, or $1.90 per share, in the period.
The average estimate of seven analysts surveyed by Zacks Investment Research was for funds from operations of $1.78 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 $306.7 million, or 69 cents per share.
The wireless communications infrastructure company posted revenue of $1.78 billion in the period, also surpassing Street forecasts. Eight analysts surveyed by Zacks expected $1.75 billion.
The company’s shares have risen slightly since the beginning of the year, while the Standard & Poor’s 500 index has climbed roughly 5 percent. The stock has risen 3 percent in the last 12 months.