NEW YORK (AP) _ Outfront Media Inc. (OUT) on Friday reported a key measure of profitability in its first quarter. The results beat Wall Street expectations.
The New York-based real estate investment trust said it had funds from operations of $40 million, or 28 cents per share, in the period.
The average estimate of four analysts surveyed by Zacks Investment Research was for funds from operations of 24 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 $6.1 million, or 4 cents per share.
The billboard, transit and digital display advertising company, based in New York, posted revenue of $385.3 million in the period, also topping Street forecasts. Four analysts surveyed by Zacks expected $374.5 million.sonos sonos One (Gen 2) - Voice Controlled Smart Speaker with Amazon Alexa Built-in - Black read more
The company's shares have decreased 46% since the beginning of the year. The stock has fallen 40% 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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