American Tower: Q3 Earnings Snapshot

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

The Boston-based real estate investment trust said it had funds from operations of $1.34 billion, or $2.87 per share, in the period.

The average estimate of four analysts surveyed by Zacks Investment Research was for funds from operations of $2.84 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 $765.8 million, or $1.64 per share.

The wireless communications infrastructure company posted revenue of $2.79 billion in the period, also topping Street forecasts. Four analysts surveyed by Zacks expected $2.77 billion.

American Tower expects full-year funds from operations in the range of $11.04 to $11.16 per share.

The company's shares have increased 7% since the beginning of the year, while the S&P's 500 index has climbed 12%. The stock has fallen roughly 2% in the last 12 months.

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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