CyrusOne: 2Q Earnings Snapshot
DALLAS (AP) _ CyrusOne Inc. (CONE) on Wednesday reported a key measure of profitability in its second quarter. The results beat Wall Street expectations.
The real estate investment trust, based in Dallas, said it had funds from operations of $102.1 million, or 90 cents per share, in the period.
The average estimate of nine analysts surveyed by Zacks Investment Research was for funds from operations of 81 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 a loss of $8.5 million, or 8 cents per share.
The data center operator, based in Dallas, posted revenue of $251.5 million in the period, also beating Street forecasts. Seven analysts surveyed by Zacks expected $237.7 million.
CyrusOne expects full-year funds from operations in the range of $3.50 to $3.60 per share, with revenue in the range of $970 million to $990 million.
The company’s shares have risen 8.5% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $57.40, a decline of slightly more than 7% in the last 12 months.