Crown Castle Q2 FFO Rises; Boosts FY13 Outlook

(RTTNews) - Crown Castle International Corp. (CCI) reported net income for the second quarter of $52 million or $0.18 per share, compared to $116 million or $0.40 per share for the year-ago quarter.

Funds from Operations for the second quarter increased to $276 million or $0.94 per share from $195 million or $0.67 per share a year ago.

Adjusted Funds from Operations increased to $304 million or $1.04 per share from $215 million or $0.74 per share last year.

Total revenue for the second quarter increased 26% to $735 million from $586 million for the same period in 2012.

Analysts polled by Thomson Reuters expected the company to earn $0.16 per share on revenue of $720.57 million for the second quarter.

Looking forward to the third quarter, the company forecast earnings of $0.10 to $0.23 per share and AFFO of $1.02 to $1.04 per share.

For the full year 2013, the company now expects earnings of $0.40 to $0.73 per share and AFFO of $4.07 to $4.10 per share. Previously, the company expected earnings of $0.35 to $0.68 per share and AFFO of $3.84 to $3.88 per share.

Analysts currently expect the company to earn $0.16 per share for the third quarter and $0.56 per share for the full year 2013.