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.
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