NEW YORK (AP) _ Outfront Media Inc. (OUT) on Tuesday reported a key measure of profitability in its fourth quarter. The results beat Wall Street expectations.
The New York-based real estate investment trust said it had funds from operations of $106 million, or 73 cents per share, in the period.
The average estimate of four analysts surveyed by Zacks Investment Research was for funds from operations of 72 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 $45 million, or 31 cents per share.
The billboard, transit and digital display advertising company, based in New York, posted revenue of $488.1 million in the period, also surpassing Street forecasts. Four analysts surveyed by Zacks expected $482.6 million.sonos sonos One (Gen 2) - Voice Controlled Smart Speaker with Amazon Alexa Built-in - Black read more
For the year, the company reported funds from operations of $334.1 million. Revenue was reported as $1.78 billion.
The company's shares have risen slightly more than 7% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $28.79, an increase of 34% 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 OUT at https://www.zacks.com/ap/OUT
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