NEW YORK (AP) _ Fortress Transportation and Infrastructure Investors LLC (FTAI) on Thursday reported a third-quarter loss of $21.3 million, after reporting a profit in the same period a year earlier.
The New York-based company said it had a loss of 30 cents per share. Losses, adjusted for asset impairment costs, were 25 cents per share.
The results missed Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for a loss of 13 cents per share.
The transportation infrastructure company posted revenue of $83.7 million in the period, also falling short of Street forecasts. Three analysts surveyed by Zacks expected $93.5 million.
Fortress Transportation shares have decreased 15% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $16.62, a rise of 6% in the last 12 months.
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