NEW YORK (AP) _ Outfront Media Inc. (OUT) on Wednesday reported a key measure of profitability in its first quarter. The results matched Wall Street expectations.
The New York-based real estate investment trust said it had funds from operations of $38.5 million, or 28 cents per share, in the period.
The average estimate of five analysts surveyed by Zacks Investment Research was for funds from operations of 28 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 $2.5 million, or 2 cents per share.
The billboard, transit and digital display advertising company, based in New York, posted revenue of $330.6 million in the period, beating Street forecasts. Four analysts surveyed by Zacks expected $330.3 million.
The company's shares have increased 2.5 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $25.50, a climb of 17 percent 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
Keywords: Outfront Media, Earnings Report