HOUSTON (AP) _ Crown Castle International Corp. (CCI) on Wednesday reported a key measure of profitability in its first quarter. The results surpassed Wall Street expectations.
The Houston-based real estate investment trust said it had funds from operations of $606 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 $1.43 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 $182 million, or 44 cents per share.
The operator of wireless communications towers, based in Houston, posted revenue of $1.43 billion in the period, also exceeding Street forecasts. Six analysts surveyed by Zacks expected $1.39 billion.
The company's shares have increased 14 percent since the beginning of the year, while the Standard & Poor's 500 index has risen 16 percent. In the final minutes of trading on Wednesday, shares hit $124.20, an increase of 17 percent in the last 12 months.
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