Crown Castle: 2Q Earnings Snapshot
Posted Jul 29, 2020 05:59:52 PM.
Last Updated Jul 29, 2020 06:10:30 PM.
This article is more than 5 years old.
HOUSTON (AP) _ Crown Castle International Corp. (CCI) on Wednesday reported a key measure of profitability in its second quarter. The results did not meet Wall Street expectations.
The Houston-based real estate investment trust said it had funds from operations of $609 million, or $1.45 per share, in the period.
The average estimate of five analysts surveyed by Zacks Investment Research was for funds from operations of $1.48 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 $172 million, or 41 cents per share.
The operator of wireless communications towers, based in Houston, posted revenue of $1.44 billion in the period, matching Street forecasts.
Crown Castle expects full-year funds from operations to be $6.12 per share.
The company’s shares have increased 22% since the beginning of the year, while the Standard & Poor’s 500 index has climbed nearly 1%. In the final minutes of trading on Wednesday, shares hit $173.87, an increase of 34% 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
The Associated Press
