Uniti Group Inc. (UNIT), a real estate investment trust, Friday reported net income of $40.89 million or $0.16 per share for the first quarter, compared with net loss of $19.45 million or $0.08 per share in the same quarter a year ago, mainly due to lower expenses.
The company posted Funds From Operations or FFO of $84.48 million or $0.29 per share, up from $35.47 million or $0.15 per share last year.
Excluding one-time items, adjusted FFO, however, declined to $94.60 million or $0.32 per share from $114.50 million or $0.39 per share a year ago.
Revenues for the quarter declined to $286.42 million from $289.82 million in the previous year.
Analysts, on average polled by Thomson-Reuters expected the company to report earnings of $0.11 per share on revenue of $287.54 million. Analysts' estimates typically exclude special items.
For the full year, the company expects revenue in the range of $1.154 billion to $1.174 billion. The consensus estimate is for $1.16 billion.
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