NEW YORK (AP) _ Outfront Media Inc. (OUT) on Wednesday reported a key measure of profitability in its fourth quarter. The results topped Wall Street expectations.
The New York-based real estate investment trust said it had funds from operations of $77.6 million, or 56 cents per share, in the period.
The average estimate of five analysts surveyed by Zacks Investment Research was for funds from operations of 51 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 $26.6 million, or 19 cents per share.
The billboard, transit and digital display advertising company, based in New York, posted revenue of $397.4 million in the period, which also topped Street forecasts. Four analysts surveyed by Zacks expected $391.8 million.
For the year, the company reported funds from operations of $294.5 million. Revenue was nearly unchanged at $1.51 billion.
The company's shares have climbed 8 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $26.89, a climb of 39 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