LITTLE ROCK, Ark. (AP) — LITTLE ROCK, Ark. (AP) — Uniti Group Inc. (UNIT) on Friday reported a key measure of profitability in its first quarter. The results missed Wall Street expectations.
The Little Rock, Arkansas-based real estate investment trust said it had funds from operations of $87.6 million, or 32 cents per share, in the period.
The average estimate of three analysts surveyed by Zacks Investment Research was for funds from operations of 35 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 net income of $40.9 million, or 16 cents per share.
The real estate investment trust, based in Little Rock, Arkansas, posted revenue of $286.4 million in the period, which also fell short of Street forecasts. Three analysts surveyed by Zacks expected $287.3 million.
Uniti expects full-year funds from operations in the range of $1.53 to $1.61 per share, with revenue in the range of $1.15 billion to $1.17 billion.
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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 UNIT at https://www.zacks.com/ap/UNIT
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