CARROLLTON, Texas (AP) _ CyrusOne Inc. (CONE) on Wednesday reported a key measure of profitability in its fourth quarter. The results exceeded Wall Street expectations.
The real estate investment trust, based in Carrollton, Texas, said it had funds from operations of $56.4 million, or 68 cents per share, in the period.
The average estimate of 10 analysts surveyed by Zacks Investment Research was for funds from operations of 63 cents 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 $800,000, or 1 cent per share.
The data center operator, based in Carrollton, Texas, posted revenue of $137.4 million in the period, also surpassing Street forecasts. Seven analysts surveyed by Zacks expected $137 million.
For the year, the company reported funds from operations of $210.2 million. Revenue was reported as $529.1 million.
CyrusOne expects full-year funds from operations in the range of $2.85 to $2.95 per share.
The company's shares have risen nearly 7 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $47.73, a rise of 26 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 CONE at https://www.zacks.com/ap/CONE
Keywords: CyrusOne, Earnings Report