LITTLE ROCK, Ark. – LITTLE ROCK, Ark. (AP) _ Uniti Group Inc. (UNIT) on Thursday 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 $108.7 million, or 62 cents per share, in the period.
The average estimate of three analysts surveyed by Zacks Investment Research was for funds from operations of 63 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 a loss of $1.7 million, or 1 cent per share.
The real estate investment trust posted revenue of $246.9 million in the period, which also fell short of Street forecasts. Five analysts surveyed by Zacks expected $247.1 million.
Uniti expects full-year revenue in the range of $1.01 billion to $1.02 billion.
The company's shares have risen almost 10 percent since the beginning of the year. In the final minutes of trading on Thursday, shares hit $19.56, a decrease of 21 percent in the last 12 months.
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This story was generated by Automated Insights using data from Zacks Investment Research. Access a Zacks stock report on UNIT at https://www.zacks.com/ap/UNIT
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