U.S. Markets closed

Crown Castle: 2Q Earnings Snapshot

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

The real estate investment trust, based in Houston, said it had funds from operations of $546 million, or $1.31 per share, in the period.

The average estimate of seven analysts surveyed by Zacks Investment Research was for funds from operations of $1.33 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 $152 million, or 36 cents per share.

The operator of wireless communications towers, based in Houston, posted revenue of $1.33 billion in the period, matching Street forecasts.

For the current quarter ending in October, Crown Castle expects its per-share funds from operations to range from $1.37 to $1.39.

The company expects full-year funds from operations in the range of $5.46 to $5.53 per share.

The company's shares have dropped slightly 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 $110.49, a climb of 14 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