Crown Castle: 4Q Earnings Snapshot
HOUSTON (AP) _ Crown Castle International Corp. (CCI) on Wednesday reported a key measure of profitability in its fourth quarter. The results missed Wall Street expectations.
The real estate investment trust, based in Houston, said it had funds from operations of $591 million, or $1.42 per share, in the period.
The average estimate of six analysts surveyed by Zacks Investment Research was for funds from operations of $1.44 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 $185 million, or 44 cents per share.
The operator of wireless communications towers, based in Houston, posted revenue of $1.42 billion in the period, surpassing Street forecasts. Six analysts surveyed by Zacks expected $1.4 billion.
For the year, the company reported funds from operations of $2.27 billion. Revenue was reported as $5.42 billion.
Crown Castle expects full-year funds from operations in the range of $5.80 to $5.90 per share.
The company’s shares have increased 1.5 percent since the beginning of the year, while the Standard & Poor’s 500 index has increased slightly more than 5 percent. In the final minutes of trading on Wednesday, shares hit $110.27, decreasing slightly in the last 12 months.