LITTLE ROCK, Ark. – LITTLE ROCK, Ark. (AP) _ Uniti Group Inc. (UNIT) on Thursday reported a key measure of profitability in its third quarter. The results fell short of Wall Street expectations.
The real estate investment trust, based in Little Rock, Arkansas, said it had funds from operations of $110 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 net income of $2.1 million, or 1 cent per share.
The real estate investment trust posted revenue of $252.6 million in the period, also falling short of Street forecasts. Five analysts surveyed by Zacks expected $253.6 million.
Uniti expects full-year funds from operations to be $2.49 per share.
The company's shares have increased 11 percent since the beginning of the year. In the final minutes of trading on Thursday, shares hit $19.78, an increase of 16 percent in the last 12 months.
_____
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
The hottest stories ripped from the headlines, from crime to courts, legal and scandal.
