BOSTON (AP) — BOSTON (AP) — American Tower Corp. (AMT) on Thursday reported a key measure of profitability in its fourth quarter. The results topped Wall Street expectations.
The real estate investment trust, based in Boston, said it had funds from operations of $1.09 billion, or $2.34 per share, in the period.
The average estimate of six analysts surveyed by Zacks Investment Research was for funds from operations of $2.23 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 $683.8 million, or $1.47 per share.
The wireless communications infrastructure company posted revenue of $2.71 billion in the period, which also topped Street forecasts. Eight analysts surveyed by Zacks expected $2.68 billion.
For the year, the company reported funds from operations of $4.52 billion, or $9.76 per share. Revenue was reported as $10.71 billion.
American Tower expects full-year funds from operations in the range of $9.49 to $9.72 per share.
The company’s shares have declined nearly 6% since the beginning of the year, while the S&P’s 500 index has risen almost 4%. The stock has decreased 13% in the last 12 months.
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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