Crown Castle International Beats Wall Street Targets
April 17 2019 - 4:58PM
Dow Jones News
By Maria Armental
Crown Castle International Corp. (CCI) reported an 84% increase
in quarterly profit, beating Wall Street targets.
"This continued growth reflects the strong fundamentals we see
across our business, including our major customers spending to
improve their current networks while beginning to invest in 5G,"
Chief Executive Jay Brown said in a statement.
First-quarter profit surged to $210 million, or 44 cents a
share, while adjusted funds from operations rose to $606
million.
Net revenue rose 10% to $1.43 billion.
Analysts surveyed by FactSet expected $594.1 million in adjusted
funds from operations and $1.39 billion in revenue.
Crown Castle affirmed annual projections of between $781 million
and $861 million in profit and rental revenue of $4.94 billion to
$4.98 billion.
Write to Maria Armental at maria.armental@wsj.com
(END) Dow Jones Newswires
April 17, 2019 16:43 ET (20:43 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
Crown Castle (NYSE:CCI)
Historical Stock Chart
From Aug 2024 to Sep 2024
Crown Castle (NYSE:CCI)
Historical Stock Chart
From Sep 2023 to Sep 2024