American Tower: Q2 Earnings Snapshot

BOSTON (AP) — BOSTON (AP) — American Tower Corp. (AMT) on Tuesday reported a key measure of profitability in its second quarter. The results exceeded Wall Street expectations.

The real estate investment trust, based in Boston, said it had funds from operations of $1.31 billion, or $2.79 per share, in the period.

The average estimate of five analysts surveyed by Zacks Investment Research was for funds from operations of $2.53 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 $900.3 million, or $1.92 per share.

The wireless communications infrastructure company posted revenue of $2.9 billion in the period, also beating Street forecasts. Four analysts surveyed by Zacks expected $2.81 billion.

American Tower expects full-year funds from operations in the range of $10.48 to $10.72 per share.

The company's shares have decreased slightly since the beginning of the year, while the S&P's 500 index has climbed 15%. The stock has climbed 11% 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