CyrusOne: 3Q Earnings Snapshot
DALLAS (AP) _ CyrusOne Inc. (CONE) on Wednesday reported a key measure of profitability in its third quarter. The results exceeded Wall Street expectations.
The Dallas-based real estate investment trust said it had funds from operations of $103.9 million, or 91 cents per share, in the period.
The average estimate of eight analysts surveyed by Zacks Investment Research was for funds from operations of 89 cents per share.
Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had net income of $12.6 million, or 11 cents per share.
The data center operator, based in Dallas, posted revenue of $250.9 million in the period, also beating Street forecasts. Six analysts surveyed by Zacks expected $248.3 million.
CyrusOne expects full-year funds from operations in the range of $3.55 to $3.60 per share, with revenue in the range of $970 million to $980 million.
The company’s shares have climbed 41% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $74.58, a climb of 38% in the last 12 months.