Crown Castle Profit Falls, Revenue Rises in Latest Quarter

   By Aisha Al-Muslim 
 

Crown Castle International Corp. reported its first-quarter earnings fell as the real-estate investment trust was affected by about $71 million of losses on the retirement of long-term obligations.

The Houston-based company, which runs a nationwide portfolio of communications infrastructure, reported a profit of $114 million, or 21 cents a share, down from $119 million, or 33 cents a share, a year earlier.

Net revenue jumped 28% to $1.3 billion.

Analysts polled by Thomson Reuters had forecast earnings of 26 cents a share on $1.3 billion in revenue.

For 2018, the company raised its profit guidance to a range of $589 million to $669 million, compared with the previously issued outlook of $511 million to $591 million. The company also forecast funds from operations of $2 billion to $2.05 billion, compared with the previously issued outlook of $1.97 million to $2.01 billion.

The stock has remained unchanged at $106.59 in after-hours trading Wednesday. Shares are up 10% in the last year.

Crown Castle owns, operates and leases more than 40,000 cell towers and about 60,000 route miles of fiber supporting small cells and fiber solutions across the U.S.

Write to Aisha Al-Muslim at [e-mail]

(END) Dow Jones Newswires

April 18, 2018 17:26 ET (21:26 GMT)

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