Tesco’s former senior director Carl Rogberg on Wednesday was officially cleared of charges related to false accounting and fraud slapped on him in 2014.
Last year, the trial that began against Rogberg and former colleagues Christopher Bush and John Scouler was abandoned after the former Tesco UK finance director suffered a heart attack.
Then later in December, Bush and Scouler faced a re-trial and were acquitted.
THE 2014 SCANDAL
Back in September 2014, Tesco snowballed into a huge crisis forcing it to suspend four senior executives and call in investigators, all of it happening after the discovery of its profits being artificially inflated by £250 million.
The reports triggered a £2 billion wipeout in the value of Britain’s biggest retailer, following a whistleblower warning that supplier payments were erroneously booked, and business costs glossed over.
Then, Tesco had refused to name the individuals at the center of the investigation, but the media indicated that they were Bush, Rogberg, John Scouler, and Matt Simister.
Wireless communications towers operator Crown Castle International Corp. (CCI) reported a 117% jump in earnings during the fourth quarter as acquisitions, straight-lined revenues growth, and organic contribution drove site rental revenues higher. The results exceeded analysts’ expectations.
Net income climbed 117% to $213 million, or $0.44 per share, while adjusted funds from operations increased to $591 million from $512 million a year ago. The adjusted FFO was reduced by cash paid for preferred stock dividends during the period in which they are paid.
Net revenue grew 14.6% to $1.42 billion. Site rental revenues grew about 15% to $1.21 billion.
During the quarter, Crown Castle paid common stock dividends of $1.125 per common share, an increase of about 7% on a per share basis compared to the same period a year ago.
Looking ahead into the full year 2019, the company lifted its site rental revenues outlook to the range of $4.939 billion to $4.984 billion from the prior range of $4.898 billion to $4.943 billion. Net income guidance was raised to the range of $781 million to $861 million from a prior range of $738 million to $818 million. However, adjusted FFO is still anticipated to be in the range of $2.413 billion to $2.458 billion.
The company raised its guidance for site rental revenues due to the expected increase in straight-lined revenues primarily resulting from term extensions associated with leasing activity. The expected organic contribution to site rental revenues from 2018 to 2019 represents 6% growth year-over-year compared to 5.6% for the full year 2018.
Shares of Crown Castle ended Wednesday’s regular session up 0.99% at $110.27 on the NYSE. The stock has risen over 3% in the past three months while remaining nearly flat from the past year.
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