CCI
Crown Castle International Corp.NYSE
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  • Tue, Nov. 1, 5:09 PM
    • Crown Castle International (CCI -1.2%) is 0.7% lower after hours following announcement of a public offering of 11.35M shares of common stock.
    • The company plans to use proceeds for general purposes, which might include its newly announced $1.5B deal to acquire FiberNet from NextEra Energy -- but the offering isn't contingent on that deal.
    • J.P. Morgan, Citigroup and Morgan Stanley are acting as underwriters.
    | Tue, Nov. 1, 5:09 PM | 1 Comment
  • Tue, Nov. 1, 9:26 AM
    • Crown Castle International (NYSE:CCI) has a deal to acquire FPL FiberNet and some other related units of NextEra Energy (NYSE:NEE), for $1.5B.
    • The all-cash payment gets CCI rights to some 11,500 route miles of fiber (installed and under construction) in South Florida and Texas, with about 6,000 of that in metro areas. All told CCI will have ownership or rights afterward to about 28,500 route miles of fiber.
    • CCI sees the deal as immediately accretive to its adjusted funds from operations on closing, which it expects in the first half of 2017.
    • In the first year, Crown Castle expects the deal to contribute about $105M-$110M to gross margin, along with $15M-$20M in general/administrative expenses.
    • The deal also has about $5M in annual cash flows that won't contribute to gross margin as it's associated with a lease to be accounted for as financing.
    | Tue, Nov. 1, 9:26 AM | 1 Comment
  • Fri, Oct. 28, 4:44 PM
    • Crown Castle International (CCI +0.5%) has set a mandatory conversion of its 4.5% mandatory convertible stock.
    • All outstanding shares will convert Nov. 1, at which time holders will be entitled to 1.1880 shares of Crown Castle common for each share of the preferred stock, and dividends on those shares will stop accruing.
    • The next scheduled dividend date for the preferred stock is the mandatory conversion date. Cash will be paid for any fractional shares.
    • As of yesterday's close, the company had about 9,284,080 shares of preferred stock outstanding, vs. 338.1M shares of common stock; it expects to have 349.2M shares of common stock after the conversion.
    | Fri, Oct. 28, 4:44 PM
  • Thu, Oct. 20, 5:57 PM
    • Crown Castle International (NYSE:CCI) logged a mixed quarter with its Q3 earnings report, missing on EPS and FFO but beating expected revenues.
    • And along with continued growth, the company is increasing its quarterly dividend 7% (to $0.95/share).
    • The business continues to grow at a "healthy pace," says CEO Jay Brown. "Driven by the continued adoption and introduction of data-intensive applications and consistent with many industry forecasts, we believe over the next decade there will be tremendous growth in wireless data traffic that will necessitate further investment in wireless networks, which we expect will result in revenue and cash flow growth for Crown Castle."
    • Site rental revenues grew 6% to $812M, and site rental gross margin grew 7% to $555M. Adjusted EBITDA was up 7%, to $564M.
    • It's guiding to Q4 net income of $90M-$110M and adjusted EBITDA of $566M-$571M (above consensus for $563.5M). For full 2016, it's guiding to net income of $318M-$338M and EBITDA of $2.219B-$2.224B (above consensus for expected $2.202B); For 2017, net income of $375M-$425M and EBITDA of $2.263B-$2.293B (below an expected $2.322B).
    • Conference call to come tomorrow at 10:30 a.m. ET.
    • Press Release
    | Thu, Oct. 20, 5:57 PM
  • Thu, Oct. 20, 4:44 PM
    • Crown Castle (NYSE:CCI) declares $0.95/share quarterly dividend, 7.3% increase from prior dividend of $0.885.
    • Forward yield 4.15%
    • Payable Dec. 30; for shareholders of record Dec. 16; ex-div Dec. 14.
    | Thu, Oct. 20, 4:44 PM
  • Thu, Oct. 20, 4:27 PM
    • Crown Castle (NYSE:CCI): Q3 FFO of $1.09 misses by $0.09.
    • Revenue of $992.01M (+8.0% Y/Y) beats by $23.86M.
    • Press Release
    | Thu, Oct. 20, 4:27 PM
  • Wed, Oct. 19, 5:35 PM
    | Wed, Oct. 19, 5:35 PM | 28 Comments
  • Mon, Sep. 19, 11:57 PM
    • AT&T (NYSE:T) looks to be working behind the scenes to cut the rates it's paying for space on cell towers, with the implication that it could switch to competitors' spaces to make it happen.
    • Letters seen by FierceWireless show AT&T pressing tower operators for new terms, and in some direct language asking for lower rates. An AT&T spokesman tells them that the company's execs are "frustrated with the current tower cost structure and believe it is not sustainable."
    • In one case AT&T pursues early termination rights, the chance to modify equipment without additional cost, reduced (or no) annual escalators on the rates, and simply "rents reduced to competitive rates."
    • "A ‘no’ or non-response will trigger AT&T’s review of alternate locations,” the company says at one point.
    • Tower players: AMT, CCI, SBAC, CSAL
    | Mon, Sep. 19, 11:57 PM | 16 Comments
  • Fri, Sep. 16, 4:03 PM
    • A California appeals court has given a win to San Francisco, upholding a decision for the city against T-Mobile (TMUS -1.3%), Crown Castle (CCI -1.2%) and EsteNet over where small cells are placed (and how good they look).
    • The trial court had initially ruled against the plaintiffs, saying the city could use permits in order to prohibit specific installments of small cells for aesthetic reasons. The appeals court upheld that verdict.
    • A 2011 ordinance calls for permits before installing wireless facilities in the public right of way; T-Mobile had argued that that conflicted with state public utility code allowing building lines on public roads and highways "in such manner and at such points as not to incommode the public use.”
    • An explosion in small cell usage has resulted in growing conflicts with wireless providers in some cities around the country. The FCC may come to intervene, using rules originally developed for larger-scale cell towers.
    | Fri, Sep. 16, 4:03 PM | 8 Comments
  • Tue, Sep. 13, 5:00 PM
    • SunTrust Robinson Humphrey launched bullish coverage on wireless tower operators, looking ahead to a number of growth drivers coming over the next year.
    • The firm initiated American Tower (AMT -2.8%), Crown Castle International (CCI -2.2%) and SBA Communications (SBAC -2.3%) with Buy ratings.
    • Continued intensity in wireless competition should see capital spending by AT&T, Verizon and Sprint picking up, says analyst Greg Miller. "As we look forward to 2017, we believe the outlook is relatively brighter. U.S. carrier activity remains stable at historically low levels, but a number of growth drivers — new spectrum deployments/re-farming, 5G trials and FirstNet, for example — could modestly re-accelerate growth for the group."
    • Carriers will need to continue to spend on networks, he reasons, as the risks of standing still are just too high.
    • SunTrust's price target for AMT is at $128 (implying 18.4% upside from today's close); for CCI, $107 (16.5% upside); for SBAC, $129 (18.4% upside).
    | Tue, Sep. 13, 5:00 PM | 3 Comments
  • Mon, Aug. 22, 4:27 PM
    • Crown Castle International (NYSE:CCI) has priced a public offering of $700M in debt.
    • The company is offering that sum in 2.25% senior notes due 2021, issued at a price of 99.972% of face value to yield 2.256%.
    • Net proceeds of about $692.6M are planned to fully repay the company's 2.381% senior notes due 2017, as well as part of its senior unsecured revolving facility.
    • Joint book-runners are Citigroup, Fifth Third Securities, Merrill Lynch, Pierce, Fenner & Smith Incorporated, MUFG and SMBC Nikko.
    | Mon, Aug. 22, 4:27 PM
  • Tue, Aug. 2, 5:40 PM
    • Crown Castle (NYSE:CCI) declares $0.885/share quarterly dividend, in line with previous.
    • Forward yield 3.65%
    • Payable Sept. 30; for shareholders of record Sept. 16; ex-div Sept. 14.
    | Tue, Aug. 2, 5:40 PM | 1 Comment
  • 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