HOUSTON (AP) — HOUSTON (AP) — Crown Castle International Corp. (CCI) on Wednesday reported a key measure of profitability in its first quarter. The results did not meet Wall Street expectations.
The Houston-based real estate investment trust said it had funds from operations of $828 million, or $1.91 per share, in the period.
The average estimate of seven analysts surveyed by Zacks Investment Research was for funds from operations of $1.94 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 $418 million, or 97 cents per share.
The operator of wireless communications towers, based in Houston, posted revenue of $1.77 billion in the period, which also missed Street forecasts. Seven analysts surveyed by Zacks expected $1.78 billion.
Crown Castle expects full-year funds from operations to be $7.63 per share.
The company's shares have decreased 1.5% since the beginning of the year, while the S&P's 500 index has increased 8%. In the final minutes of trading on Wednesday, shares hit $133.55, a decline of 31% 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
