TriQuint (TQNT) expects Q2 revenue of $215M-$225M and EPS of $0.06-$0.08, above a consensus of $200.3M and $0.04. Shares +6.5% AH. Merger partner RF Micro (RFMD), which reports on April 29, is up 3.1%. Both companies might also be getting a lift from Apple's March quarter iPhone sales print. (Q1 results, PR)
Fortinet (FTNT) guides in its earnings slides (.pdf) for Q2 revenue of $169M-$172M (above a $168.9M consensus), EPS of $0.10 (below an $0.11 consensus), and billings of $185M-$190M (+17% Y/Y). Q1 billings totaled $188M, +26% Y/Y and well above guidance of $168M-$173M. Shares +4.4% AH. (Q1 results, PR)
Crown Castle (CCI) has raised its full-year AFFO forecast to $1.346B-$1.361B ($4.04-$4.08/share) from a prior $1.318B-$1.333B. Site rental revenue guidance has been raised by $11M to $2.983B-$2.993B. (Q1 results, PR)
Crown Castle (CCI -0.9%) is trading lower following its $4.85B deal to buy and acquire leasing rights to 9.7K AT&T towers, which includes the right to eventually purchase the leased towers for $4.2B. The decline comes even though Crown Castle posted solid Q3 results and issued decent Q4/2014 guidance.
Nomura sees the deal being modestly accretive, and doesn't like the equity dilution and higher operating leverage that comes with it. Crown Castle is issuing 36M shares of common stock, and 7.5M shares of convertible preferred stock.
Though Q3 EPS missed by a penny, Crown Castle's AFFO came in at $1.09/share, above a guidance range of $1.02-$1.04/share and up from $0.79/share a year ago. Q4 AFFO is expected to total $1.09-$1.11/share. Crown Castle expects Q4 site rental revenue of $625M-$630M, up from Q3's $621M (+15% Y/Y).
The company expects 2014 AFFO of $1.546B-$1.561B, up from an expected $1.23B-$1.235B in 2013. The AT&T deal, which increases Crown Castle's tower count by 33% to 40K+, is expected to provide a $245M-$255M boost to 2014 AFFO, exc. financing costs.