Crown Castle: Fourth Quarter Earnings Report

HOUSTON (AP) _ Crown Castle International (CCI) on Wednesday reported key fourth-quarter earnings. The results beat Wall Street’s expectations.

The Houston-based real estate investment fund said it had $802 million in operating funds, or $1.85 per share, during the period.

The average estimate of eight analysts polled by Zacks Investment Research was $1.83 per share for operating funds.

Funds from operations is a metric that is closely monitored in the REIT industry. He takes net income and adds items such as depreciation and amortization.

The company said its net income was $413 million, or 95 cents per share.

The Houston-based wireless tower operator posted $1.76 billion in revenue for the period, also beating Street’s guidance. Eight analysts polled by Zacks expected $1.75 billion.

For the year, the company reported cash from operations of $3.2 billion. Revenue was $6.99 billion.

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