SBA Communications: Q2 Earnings Snapshot

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

The Boca Raton, Florida-based real estate investment trust said it had funds from operations of $352.7 million, or $3.24 per share, in the period.

The average estimate of eight analysts surveyed by Zacks Investment Research was for funds from operations of $3.14 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 $203.6 million, or $1.87 per share.

The communications tower operator, based in Boca Raton, Florida, posted revenue of $678.5 million in the period, also topping Street forecasts. Seven analysts surveyed by Zacks expected $675.8 million.

SBA Communications expects full-year funds from operations in the range of $12.80 to $13.16 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