CyrusOne: 2Q Earnings Snapshot
DALLAS (AP) _ CyrusOne Inc. (CONE) on Wednesday reported a key measure of profitability in its second quarter. The results surpassed Wall Street expectations.
The Dallas-based real estate investment trust said it had funds from operations of $80.7 million, or 81 cents per share, in the period.
The average estimate of 10 analysts surveyed by Zacks Investment Research was for funds from operations of 79 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 $105.9 million, or $1.06 per share.
The data center operator, based in Dallas, posted revenue of $196.9 million in the period, falling short of Street forecasts. Eight analysts surveyed by Zacks expected $199.2 million.
CyrusOne expects full-year funds from operations in the range of $3.25 to $3.30 per share, with revenue in the range of $820 million to $830 million.
The company’s shares have risen slightly more than 5 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $62.71, a rise of 4 percent in the last 12 months.