HOUSTON (AP) — HOUSTON (AP) — Crown Castle International Corp. (CCI) on Wednesday reported a key measure of profitability in its third quarter. The results did not meet Wall Street expectations.
The real estate investment trust, based in Houston, said it had funds from operations of $767 million, or $1.77 per share, in the period.
The average estimate of eight analysts surveyed by Zacks Investment Research was for funds from operations of $1.78 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 $265 million, or 61 cents per share.
The operator of wireless communications towers, based in Houston, posted revenue of $1.67 billion in the period, which also fell short of Street forecasts. Seven analysts surveyed by Zacks expected $1.7 billion.
Crown Castle expects full-year funds from operations in the range of $7.50 to $7.58 per share.
The company's shares have dropped 33% since the beginning of the year, while the S&P's 500 index has climbed 12%. In the final minutes of trading on Wednesday, shares hit $90.93, a decline of 32% in the last 12 months.
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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