American Tower: 2Q Earnings Snapshot
BOSTON (AP) _ American Tower Corp. (AMT) on Wednesday reported a key measure of profitability in its second quarter. The results exceeded Wall Street expectations.
The Boston-based real estate investment trust said it had funds from operations of $893 million, or $2.01 per share, in the period.
The average estimate of five analysts surveyed by Zacks Investment Research was for funds from operations of $1.93 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 $429.1 million, or 96 cents per share.
The wireless communications infrastructure company posted revenue of $1.89 billion in the period, also exceeding Street forecasts. Six analysts surveyed by Zacks expected $1.84 billion.
The company’s shares have climbed 32% since the beginning of the year, while the Standard & Poor’s 500 index has climbed 20%. The stock has climbed 46% in the last 12 months.