SBA Communications: Q3 Earnings Snapshot

BOCA RATON, Fla. (AP) — BOCA RATON, Fla. (AP) — SBA Communications Corp. (SBAC) on Monday reported a key measure of profitability in its third quarter. The results beat Wall Street expectations.

The Boca Raton, Florida-based real estate investment trust said it had funds from operations of $337.3 million, or $3.19 per share, in the period.

The average estimate of four analysts surveyed by Zacks Investment Research was for funds from operations of $3.08 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 $231.3 million, or $2.19 per share.

The communications tower operator, based in Boca Raton, Florida, posted revenue of $713.9 million in the period, which did not meet Street forecasts. Three analysts surveyed by Zacks expected $727.1 million.

SBA Communications expects full-year funds from operations in the range of $12.15 to $12.37 per share.

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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 SBAC at https://www.zacks.com/ap/SBAC