LONDON, UK / ACCESSWIRE / July 20, 2018 /
If you want access to our free earnings report on Crown Castle International Corp. (REIT) (NYSE: CCI) ("Crown Castle"), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=CCI. The Company reported its second quarter fiscal 2018 operating and financial results on July 18, 2018. The Houston-based, operator of wireless communications towers outpaced top- and bottom-line expectations. Register today and get access to over 1,000 Free Research Reports by joining our site below:
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Earnings Highlights and Summary
For the three months ended June 30, 2018, Crown Castle’s net revenues jumped to $1.33 billion compared to $1.04 billion in Q2 2017. The Company’s revenue numbers beat analysts’ estimates by $10.0 million.
During Q2 2018, Crown Castle’s site rental revenues surged approximately 35% to $1.17 billion compared to $869 million in Q2 2017, inclusive of approximately $49 million in organic contributions to site rental revenues; $231 million in contributions from acquisitions and other items; and a $20 million increase in straight-lined revenues. The organic contribution to site rental revenues of $49 million represented a growth of approximately 5.6%, comprised of approximately 8% growth from new leasing activity and contracted tenant escalations, net of approximately 2.5% from tenant non-renewals.
Crown Castle’s adjusted earnings before interest, tax, depreciation, and amortization (EBITDA) surged 31% to $769 million in Q2 2018 compared to $589 million in Q2 2017, benefited by approximately $9 million of additional straight-lined revenues, partially offset by the timing of certain network services contribution that is now expected to contribute to adjusted EBITDA during the remainder of 2018.
For Q2 2018, Crown Castle posted a net income of $180 million, or $0.36 per diluted share, compared to $112 million, or $0.31 per diluted share, in Q2 2017. The Company’s earnings surpassed Wall Street’s estimates of $0.31 per share.
Crown Castle’s funds from operations (FFO) came in at $525 million in Q2 2018 compared to $425 million in Q2 2017. The Company’s adjusted FFO totaled $546 million in the reported quarter, up 24% versus $440 million in the prior year’s comparable quarter.
During Q2 2018, Crown Castle’s capital expenditure was $393 million, comprised of $10 million of land purchases; $26 million of sustaining capital expenditure; $356 million of revenue generating capital expenditure; and $1 million of integration capital expenditure. For the reported quarter, the Company paid common stock dividends of $1.05 per common share, reflecting an increase of approximately 11% compared to the same period a year ago.
During Q2 2018, Crown Castle increased the commitments under its Senior Unsecured Revolving Credit Facility by $750 million, and extended the maturity date on its Senior Unsecured Credit Facility to June 2023.
For the third quarter of the fiscal year 2018, Crown Castle is forecasting site rental revenues to be in the range of $$1.17 billion to $1.18 billion, and net income to be in the band of $785 million to $795 million. The Company is expecting FFO to be between $490 million and $500 million, and adjusted FFO to be in the range of $568 million to $578 million for the upcoming quarter.
For the full fiscal year 2018, Crown Castle is projecting site rental revenues to be in the band of $4.67 billion to $4.70 billion, and net income to be in the range of $603 million to $663 million. The Company is expecting FFO to be between $2.01 billion and $2.04 billion, and adjusted FFO to be in the band of $2.26 billion to $2.29 billion for FY18.
Stock Performance Snapshot
July 19, 2018 - At Thursday’s closing bell, Crown Castle International’s stock marginally rose 0.53%, ending the trading session at $111.03.
Volume traded for the day: 2.18 million shares.
Stock performance in the last month – up 8.93%; previous three-month period – up 8.17%; past twelve-month period – up 12.54%; and year-to-date – up 0.02%
After yesterday’s close, Crown Castle International’s market cap was at $45.98 billion.
Price to Earnings (P/E) ratio was at 117.74.
The stock has a dividend yield of 3.78%.
The stock is part of the Technology sector, categorized under the Diversified Communication Services industry.
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