Crown Castle International Corp. (CCI) - NYSE
  • Thu, Jul. 21, 6:24 PM
    • Crown Castle International (NYSE:CCI) posted Q2 earnings where funds from operations rose 15% on an adjusted basis and revenues grew 7% and beat.
    • Revenue breakout: Site rental, $804.6M (up 9.2%); Network services and other, $157.8M (down 2.8%).
    • Site rental gross margin was $552M, up 10%.
    • For Q3, it expects site rental revenues of $805M-$810M, site rental gross margin of $549M-$554M, adjusted FFO of $400M-$405M (vs. expected $399M) and EBITDA of $557M-$562M (vs. consensus for $554.8M). For the full year, it's forecasting site rental revenues of $3.2B, adjusted FFO of $1.61B, and EBITDA of $2.2B.
    • Conference call to come tomorrow at 10:30 a.m. ET.
    • Press Release
    | Thu, Jul. 21, 6:24 PM
  • Thu, Jul. 21, 4:34 PM
    • Crown Castle (NYSE:CCI): Q2 FFO of $1.05 misses by $0.11.
    • Revenue of $962.4M (+7.0% Y/Y) beats by $13.55M.
    • Press Release
    | Thu, Jul. 21, 4:34 PM
  • Wed, Jul. 20, 5:35 PM
    | Wed, Jul. 20, 5:35 PM | 13 Comments
  • Mon, Jul. 11, 10:09 AM
    • Crown Castle International (NYSE:CCI) is off 2.2% as Citigroup downgrades the shares to Neutral following tower stocks' recent gains.
    • CCI is coming off Wednesday's all-time high, and the downgrade comes following a solid run for high dividend payers.
    • It's time to shift investment strategy for towers and seek cheaper assets, says Citi's Michael Rollins, who maintained Buy ratings on American Tower (AMT -0.2%) and SBA Communications (SBAC -0.3%). "Tower stocks have rallied back 9% over the last month and 15% year to date. Lower rates seem to be helping valuations, especially for Crown Castle given its larger dividend yield," Rollins writes.
    • Rollins has a price target of $109 on CCI, implying 8.9% upside from today's lower price. Meanwhile, Citi has a price target of $121 on AMT (6.7% upside from here).
    | Mon, Jul. 11, 10:09 AM
  • Fri, Jul. 1, 11:26 AM
    • Deutsche Telekom (OTCQX:DTEGY) is looking to sell German mobile towers for what could come to €5B that it could use for network investments, Reuters reports.
    • Goldman Sachs and Morgan Stanley have reportedly been hired to organize a sale of thousands of towers for this fall, though depending on interest Deutsche Telekom could sell all, some or none of them.
    • It had previously sold its U.S. towers to Crown Castle (NYSE:CCI) in a $2.4B deal. That firm could be interested in the German sale, as could American Tower (NYSE:AMT) and SBA Communications (NASDAQ:SBAC).
    • A sale of German towers would be the latest in a series of global infrastructure deals where wireless carriers shed mobile masts in order to cut debt.
    | Fri, Jul. 1, 11:26 AM | 1 Comment
  • Fri, May 20, 4:18 PM
    • Crown Castle (NYSE:CCI) declares $0.885/share quarterly dividend, in line with previous.
    • Forward yield 3.94%
    • Payable June 30; for shareholders of record June 17; ex-div June 15.
    | Fri, May 20, 4:18 PM
  • Tue, Apr. 26, 6:03 PM
    • Crown Castle International (NYSE:CCI) has priced an offering of $1B in debt, in two tranches.
    • The company priced $250M in 3.4% senior notes due 2021, and $750M in 3.7% senior notes due 2026.
    • The 2021 notes were issued at 102.637% of face value (yielding 2.796%), and the 2026 notes at 99.695% of face (yielding 3.736%).
    • Crown Castle will use proceeds to repay secured tower revenue notes as well as part of its revolving facility.
    • At last report, the company had total debt of $12.25B and a debt/equity ratio of 172.79.
    • Now read Pitfalls In Mandatory Convertible Preferred Stock And How To Avoid Them »
    | Tue, Apr. 26, 6:03 PM
  • Thu, Apr. 21, 5:27 PM
    • Crown Castle International (CCI -2%) posted Q1 results where FFO beat expectations and it raised its outlook for Q2 and the year.
    • Revenues and EBITDA came in ahead of guidance, though EPS of $0.11 was short of a guided $0.19. Site rental revenues of $799M were up 9%.
    • Organic site rental revenue was up 8%, made of 7% from new leasing and 3% from contracted tenant escalations (net of 2% from nonrenewals).
    • It raised its guidance for Q2 adjusted FFO to $389M-$3394M ($1.15-$1.16/share), and for net income/share of $0.21-$0.31. Site rental revenues were expected to come in from $801M-$806M, and EBITDA of $543M-$548M, in line with expectations.
    • For the full year, it's forecasting adjusted FFO of $1.585B-$1.61B ($4.66-$4.73/share), and for net income/share of $0.83-$1.12. Site rental revenues for 2016 are forecast at $3.207B-$3.232B, and EBITDA of $2.193B-$2.218B (above consensus for $2.173B).
    • Shares were flat in after-hours trading.
    • Conference call to come tomorrow at 10:30 a.m.
    • Press Release
    • Now read Pitfalls In Mandatory Convertible Preferred Stock And How To Avoid Them »
    | Thu, Apr. 21, 5:27 PM
  • Thu, Apr. 21, 4:23 PM
    • Crown Castle (NYSE:CCI): Q1 FFO of $1.18 beats by $0.05.
    • Revenue of $934.4M (+3.8% Y/Y) in-line.
    • Press Release
    | Thu, Apr. 21, 4:23 PM
  • Wed, Apr. 20, 5:35 PM
    | Wed, Apr. 20, 5:35 PM | 22 Comments
  • Wed, Mar. 16, 3:45 PM
    • Currently lumped into the financial sector, REITs are set to have their own sub-sector with S&P Dow Jones Indices on Sept. 16.
    • Excited yet? You should be. Cohen & Steers' Thomas Bohjalian expects far-reaching impact since nearly the entire investment community uses Global Industry Classification Standards for its framework for portfolio planning and analysis. He sees three main benefits to REIT prices:
    • Increased demand - U.S. equity funds are significantly underweight and would need to buy more than $100B of REITs just to get to a market-neutral position.
    • Reduced volatility - Boosted liquidity and the separation of real estate from the historically volatile financial sector.
    • Impact on allocations - Analysis of REITs requires unique valuation metrics, giving REIT specialists a performance advantage over generalists.
    • Howard Silverblatt notes the change will highlight the REIT sector's big 3.46% average yield, and cut the financial sector yield to 1.98% from 2.25%.
    • Ninety REITs will be classified in the new real estate sub-sector. The five largest by market cap, and maybe the five most likely to see a bounce: Simon Property (NYSE:SPG), Public Storage (NYSE:PSA), American Tower (NYSE:AMT), Crown Castle (NYSE:CCI), Equity Residential (NYSE:EQR).
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    | Wed, Mar. 16, 3:45 PM | 16 Comments
  • Wed, Mar. 9, 4:28 PM
    • Crown Castle International (NYSE:CCI) has named Daniel Schlanger its new chief financial officer.
    • Schlanger takes the CFO spot June 1, and joins the company as a senior VP April 1.
    • He's replacing Jay Brown, who's becoming president and CEO of the company effective June 1.
    • He was previously CFO and senior VP at Exterran GP, and served on that company's board from October 2006 to last November. Recently he was senior VP of Global Products at Exterran Corp.
    | Wed, Mar. 9, 4:28 PM
  • Tue, Feb. 23, 7:24 PM
    • Deutsche Bank launched coverage of U.S. telecom companies late today, picking "select pockets of opportunity" in a challenging sector.
    • Specifically, the firm's Matthew Niknam has three top growth picks: T-Mobile (TMUS +1%), Crown Castle International (CCI -0.5%), and American Tower (AMT -1.4%), all rated Buy.
    • He assigned a $46 price target to T-Mobile, implying 27% upside from today's close of $36.20, noting "best-in-class growth, margin/FCF expansion, and strategic appeal to potential industry partners." A price target of $98 implies 13.5% upside for Crown Castle, while a target of $104 implies 18.2% upside for AMT.
    • Of the group, AT&T (T -0.4%) and Frontier (FTR +12.6%) also received Buys, with respective price targets of $40 (8.9% upside) and $5.50 (8.3% upside from today's significantly higher close).
    | Tue, Feb. 23, 7:24 PM | 2 Comments
  • Thu, Feb. 18, 5:06 PM
    • Crown Castle (NYSE:CCI) declares $0.885/share quarterly dividend, in line with previous.
    • Forward yield 4.12%
    • Payable March 31; for shareholders of record March 18; ex-div March 16.
    | Thu, Feb. 18, 5:06 PM
  • Thu, Jan. 28, 6:31 PM
    • As part of its refinancing flurry, Crown Castle International (CCI +2%) has priced its latest senior notes offering.
    • A $600M tranche of notes due 2021 will have an interest rate of 3.4%/year, issued at 99.977% of face value.
    • A $900M tranche due 2026 will have an interest rate of 4.45%/year, issued at 99.671% of face value.
    • Net proceeds of about $1.486B will repay and close a $1B 364-day revolver, and pay $500M of outstanding borrowings on its $2.5B senior unsecured revolving credit facility.
    • Shares are flat in after-hours trading.
    | Thu, Jan. 28, 6:31 PM | 2 Comments
  • Thu, Jan. 28, 9:33 AM
    | Thu, Jan. 28, 9:33 AM
Company Description
Crown Castle International Corp owns, operates and leases shared wireless infrastructure, including towers and other structures, such as rooftops, and other communication structures.
Sector: Technology
Industry: Diversified Communication Services
Country: United States