Wed, Oct. 21, 4:39 PM
- Crown Castle (NYSE:CCI) is up 0.7% after hours following a Q3 report where it beat on top and bottom lines, bumped guidance and increased its dividend.
- Total revenues rose 2.8% to $918.1M; site rental revenues of $765M were up 7% Y/Y. Site rental gross margin increased 6%, to $518M. The Sunesys acquisition generated $16M in site rental revenues.
- In bumping guidance, it increased its 2015 midpoint expectation for adjusted EBITDA and adjusted FFO by $37M and $23M respectively. It now sees full-year EBITDA of $2.115B-$2.120B, in line with expectations, and adjusted FFO/share of $4.29-$4.31.
- For 2016, it sees adjusted FFO/share of $4.66 (up 8% Y/Y).
- It's increased the annual dividend to $3.54/share from $3.28/share; that's $0.885/quarter and an 8% increase, taking effect with the Dec. 31 payment.
- Conference call to come tomorrow at 10:30 a.m. ET.
- Press release
Wed, Oct. 21, 4:22 PM
Tue, Oct. 20, 5:35 PM| Tue, Oct. 20, 5:35 PM | 7 Comments
Wed, Jul. 22, 4:31 PM
- Crown Castle International (NYSE:CCI) is up 0.7% after hours, following a Q2 report where it missed revenue expectations but raised its outlook for 2015.
- A forecast that includes significant investment by wireless carriers in their networks "gives us confidence in our ability to achieve our stated goal of generating compounded annual growth in AFFO per share of 6% to 7% organically over the next five years," says CEO Ben Moreland.
- Site rental revenues came in at $737M, above the adjusted midpoint of its outlook. (As of this quarter, CCI is treating its sold-off Australian subsidiary CCAL as a discontinued operation for comp purposes.) Site rental gross margin was $500M, just over its outlook of $499M.
- The company raised full-year guidance for its adjusted EBITDA by $27M, to $2.081B (vs. a consensus of $2.13B), and increased adjusted FFO outlook by $14M, to 1.413B (coming to $4.23/share). It now expects site rental revenues to come in $21M higher, to $2.954B.
- Conference call is tomorrow at 10:30 a.m. ET.
- Press Release
Wed, Jul. 22, 4:17 PM
Tue, Jul. 21, 5:35 PM| Tue, Jul. 21, 5:35 PM | 5 Comments
Wed, Apr. 22, 6:31 PM
- Crown Castle International (NYSE:CCI) posted adjusted funds from operations that grew 10% to $383M in Q1, while revenues were up 7.4%.
- Adjusted EBITDA of $554M (up 5%) beat expectations of $543.8M, and that and AFFO benefited from some $9M in network services that had been expected to occur in the second quarter, as well as about $6M in lower-than-expected sustaining capex.
- For Q1, about $205M in capex (including $24M in land purchases and $17M in sustaining capex). Net debt-to-EBITDA was about 5.3x.
- The company's expecting wireless demand to grow significantly, "with one industry estimate projecting a seven-fold increase in US mobile data traffic between 2014 and 2019," says CEO Ben Moreland.
- Moreland thinks the company's portfolio of towers and small cells is well aligned to expected demand, "providing us with confidence in our ability to deliver on our stated goal of generating compounded annual growth in AFFO per share of 6% to 7% organically over the next five years."
- CCI has bumped the midpoint of its 2015 guidance for site rental revenues, site rental gross margin, Adjusted EBITDA and AFFO by approximately $7M, $3M, $3M and $3M, respectively.
- Conference call tomorrow at 10:30 a.m. ET.
- Press release
Wed, Apr. 22, 4:07 PM
Tue, Apr. 21, 5:35 PM| Tue, Apr. 21, 5:35 PM | 6 Comments
Wed, Jan. 21, 7:10 PM
- Crown Castle (NYSE:CCI) uses its Q4 report to hike its 2015 AFFO/share guidance range by $0.02 to $4.33-$4.39 (still below a $4.45 consensus). Q1 AFFO/share guidance has been set at $1.09-$1.10 (above a $1.08 consensus).
- Site rental revenue guidance has been upped by $10M to $3.058B-$3.078B (4% organic growth at the midpoint), and adjusted EBITDA guidance by $14M to $2.14B-$2.16B.
- Q4 site rental revenue +17% Y/Y to $761M (+6.6% organic). Network services/other revenue +40% to $206.2M. The AT&T deal (closed in Dec. 2013) provided a major top-line boost.
- Crown Castle ended Q4 with $11.7B in net debt, up from $11.3B at the end of Q3.
- CCI +0.9% AH. The dividend yield is currently 4%.
- Q4 results, PR
Wed, Jan. 21, 4:05 PM
Tue, Jan. 20, 5:35 PM
Oct. 30, 2014, 5:34 PM
- Crown Castle's (NYSE:CCI) new quarterly dividend, provided after activist Corvex Management called for greater capital returns, is 134% above a prior $0.35/share, and good for a 4% yield. The next dividend is payable on Dec. 31 to shareholders on record as of Dec. 19.
- The tower owner expects Q4 AFFO/share of $1.04-$1.05 (close to Q3's $1.04). Site rental revenue is expected to rise to $755M-$760M from Q3's $752M.
- CCI -1.6% AH. Q3 results, PR.
Oct. 30, 2014, 4:06 PM
Oct. 30, 2014, 1:39 PM
- Though it missed Q3 EPS estimates (while beating on revenue), American Tower (NYSE:AMT) is hiking its full-year AFFO guidance to $1.8B-$1.82B from $1.755B-$1.795B.
- Also, AMT now respectively forecasts U.S. and international organic core revenue growth of 9.5% and 16%; prior guidance was for 9%+ and "nearly 15%" growth.
- Rental/management revenue guidance has been narrowed to $3.975B-$4.005B from $3.945B-$4.015B, and net income guidance lowered to $805M-$825M from $830M-$850M.
- Q3 AFFO rose 25.2% Y/Y to $460M ($1.15/share, well above EPS of $0.50).
- U.S. rental/management revenue +25.2% to $664M (+9.1% organic); international revenue +30.3% to $348M (+17.7% organic). Network development services revenue more than doubled to $27.1M.
- Rental/management op. margin slipped to 67% from 69% a year ago. AMT ended Q3 with $13.6B in net debt, and a 5.1x net leverage ratio.
- SBA (SBAC +1.4%) and Crown Castle (CCI +0.8%) are up moderately.
- Q3 results, PR
Oct. 29, 2014, 5:35 PM
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