CCI Crown Castle Inc

   By Bowdeya Tweh 
 

Crown Castle International Corp. (CCI) raised its profit and revenue targets for this year after the cell-tower operator posted a stronger-than-expected profit in its latest period.

Crown Castle on Wednesday said its fourth-quarter profit more than doubled from a year earlier to $213 million, or 44 cents a share. Adjusted funds from operations rose 15% to $591 million.

Stronger site rental revenue helped the Houston-based company offset a rise in operating expenses. Overall, revenue rose 15% to $1.42 billion.

Analysts polled by FactSet expected a profit of $178.3 million on revenue of $1.4 billion.

For 2019, Crown Castle expects to post a profit between $781 million and $861 million, up from its prior forecast of between $738 million and $818 million. Crown Castle also guided rental revenue of $4.94 billion to $4.99 billion, compared with an earlier range of $4.89 billion to $4.94 billion.

Write to Bowdeya Tweh at bowdeya.tweh@wsj.com

(END) Dow Jones Newswires

January 23, 2019 17:15 ET (22:15 GMT)

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