Categories Analysis, Finance, IPO

Crown Castle Q4 profit surges 117%, tops estimates

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.

Crown Castle Q3 profit jumps 43%, beats estimates

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.


We’re on Flipboard! Follow us to receive the latest stock market, earnings, and financial news at your fingertips

Most Popular

Key highlights from Autodesk (ADSK) Q4 2021 earnings results

Autodesk, Inc. (NASDAQ: ADSK) today reported its fourth quarter financial results for the period ended January 31, 2021. Net income for the fourth quarter was $911.3 million, or $4.10 per

Infographic: Beyond Meat (BYND) reports wider Q4 loss; Revenue up 4%

Beyond Meat (NASDAQ: BYND), a specialist in plant-based meat substitutes, Thursday reported a wider loss for the fourth quarter, despite an increase in revenues. The numbers also missed the consensus

Virgin Galactic stock tanks on delayed test flight

Virgin Galactic (NYSE: SPCE) reported fourth-quarter 2020 financial results after the regular market hours on Thursday. The space tourism company reported zero revenue in the fourth quarter, compared to $529,000

Add Comment
Viewing Highlight