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.
Crown Castle expects annual operating income of $7.58 to $7.68 per share.
The company’s shares are up 7% year-to-date, while the S&P 500 is down 16%. In the last minutes of trading on Wednesday, the stock reached $145.47, down 20% from the past 12 months.
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This story was created by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access the Zacks CCI stock report at https://www.zacks.com/ap/CCI.
