Crown Castle: Q1 Earnings Snapshot

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

The real estate investment trust, based in Houston, said it had funds from operations of $749 million, or $1.72 per share, in the period.

The average estimate of six analysts surveyed by Zacks Investment Research was for funds from operations of $1.71 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 $311 million, or 71 cents per share.

The operator of wireless communications towers, based in Houston, posted revenue of $1.64 billion in the period, also beating Street forecasts. Five analysts surveyed by Zacks expected $1.63 billion.

Crown Castle expects full-year funds from operations in the range of $6.85 to $6.97 per share.

The company’s shares have fallen 19% since the beginning of the year, while the S&P’s 500 index has climbed slightly more than 5%. In the final minutes of trading on Wednesday, shares hit $93.05, a decrease of 30% in the last 12 months.


This story was generated by Automated Insights ( using data from Zacks Investment Research. Access a Zacks stock report on CCI at

Copyright © 2024 The Associated Press. All rights reserved. This material may not be published, broadcast, written or redistributed.

Federal News Network Logo
Log in to your WTOP account for notifications and alerts customized for you.

Sign up