NEW YORK (AP) — NEW YORK (AP) — Outfront Media Inc. (OUT) on Tuesday reported a key measure of profitability in its third quarter. The results surpassed Wall Street expectations.
The real estate investment trust, based in New York, said it had funds from operations of $80.8 million, or 48 cents per share, in the period.
The average estimate of five analysts surveyed by Zacks Investment Research was for funds from operations of 43 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 $34.6 million, or 19 cents per share.
The billboard, transit and digital display advertising company, based in New York, posted revenue of $451.9 million in the period, missing Street forecasts. Five analysts surveyed by Zacks expected $454.6 million.
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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 OUT at https://www.zacks.com/ap/OUT
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