NEW YORK (AP) — NEW YORK (AP) — Outfront Media Inc. (OUT) on Tuesday reported a key measure of profitability in its second quarter. The results beat Wall Street expectations.
The New York-based real estate investment trust said it had funds from operations of $85.3 million, or 51 cents per share, in the period.
The average estimate of five analysts surveyed by Zacks Investment Research was for funds from operations of 46 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 $19.5 million, or 10 cents per share.
The billboard, transit and digital display advertising company, based in New York, posted revenue of $460.2 million in the period, which missed Street forecasts. Five analysts surveyed by Zacks expected $462 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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