American Tower Posts Q3 FFO of $2.87 Per Share, Topping Analyst Estimates

American Tower Corp. (AMT) reported third-quarter funds from operations of $1.34 billion, or $2.87 per share, beating the $2.84 average estimate of four analysts surveyed by Zacks Investment Research. The Boston-based real estate investment trust disclosed the results on Tuesday. Net income came in at $765.8 million, or $1.64 per share. Revenue reached $2.79 billion, also surpassing Street forecasts of $2.77 billion. Funds from operations, a closely watched REIT metric that adds back items such as depreciation and amortization to net income, is the key profitability gauge for the sector. American Tower guided full-year FFO to a range of $11.04 to $11.16 per share. The wireless communications infrastructure company's shares have risen 7% since the start of the year, trailing the S&P 500's 12% gain, and have fallen roughly 2% over the past 12 months.