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Crown Castle: 2Q Earnings Snapshot

July 17, 2019

HOUSTON (AP) _ Crown Castle International Corp. (CCI) on Wednesday reported a key measure of profitability in its second quarter. The results surpassed Wall Street expectations.

The Houston-based real estate investment trust said it had funds from operations of $619 million, or $1.48 per share, in the period.

The average estimate of six analysts surveyed by Zacks Investment Research was for funds from operations of $1.43 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 $218 million, or 52 cents per share.

The operator of wireless communications towers, based in Houston, posted revenue of $1.48 billion in the period, which also topped Street forecasts. Six analysts surveyed by Zacks expected $1.43 billion.

Crown Castle expects full-year funds from operations in the range of $5.90 to $5.97 per share.

The company’s shares have increased 21% since the beginning of the year, while the Standard & Poor’s 500 index has climbed 19%. In the final minutes of trading on Wednesday, shares hit $131.62, a climb of 19% in the last 12 months.

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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 CCI at https://www.zacks.com/ap/CCI

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