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American Tower: 2Q Earnings Snapshot

July 31, 2019

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.

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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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