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 results did not meet Wall Street expectations.
The Little Rock, Arkansas-based real estate investment trust said it had funds from operations of $109.4 million, or 62 cents per share, in the period.
The average estimate of three analysts surveyed by Zacks Investment Research was for funds from operations of 63 cents 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 $5.6 million, or 3 cents per share.
The real estate investment trust posted revenue of $247.3 million in the period, also falling short of Street forecasts. Five analysts surveyed by Zacks expected $249.8 million.
Uniti expects full-year funds from operations in the range of $2.50 to $2.54 per share, with revenue expected to be $1.01 billion.
The company’s shares have climbed roughly 4 percent since the beginning of the year. In the final minutes of trading on Thursday, shares hit $18.43, a decline of 15 percent in the last 12 months.