Crown Castle Q3 FFO Tops Estimates at $1.24 Per Share, Revenue Misses at $995 Million

Crown Castle International Corp. (CCI) reported third-quarter funds from operations of $530 million, or $1.24 per share, beating the $1.20 per-share estimate of five analysts surveyed by Zacks Investment Research, the Houston-based real estate investment trust said Wednesday. The tower operator posted net income of $283 million, or 67 cents per share, while revenue of $995 million fell short of the $1.01 billion expected by four analysts. Funds from operations, a closely watched REIT metric that adds back depreciation and amortization to net income, is the basis for the company's full-year guidance of $4.54 to $4.66 per share.