Crown Castle International Reports 4Q Results, Revises 2020 Outlook

   By Maria Armental 
 

Crown Castle International Corp., which Wednesday said it was re-stating multiple years of results citing errors in when revenue from tower installation services was recognized, reported results for the December quarter. Here's what you need to know:

PROFIT: Net income, after $28 million in preferred stock dividends, rose to $180 million, or 43 cents a share.

FFO: Funds from operations rose to $1.36 a share, from $1.33 a share a year earlier. On an adjusted basis, FFO fell to $1.38 a share from $1.39 a share a year earlier. Analysts expected FFO of $1.44 a share, or $1.49 a share on an adjusted basis.

REVENUE: Net revenue rose to $1.43 billion from $1.41 billion a year earlier. Analysts expected $1.42 billion.

OUTLOOK: Accounting for the impact of the restatement, Crown Castle said it now projects $2.45 billion to $2.49 billion in FFO for 2020, or $2.57 billion to $2.62 billion on an adjusted basis, and site rental revenue ranging from $5.34 billion to $5.38 billion. It previously projected $2.54 billion to $2.58 billion in FFO, or $2.66 billion to $2.70 billion in adjusted FFO, and $5.2 billion to $5.24 billion in site rental revenue.

Write to Maria Armental at [e-mail]

(END) Dow Jones Newswires

February 26, 2020 17:04 ET (22:04 GMT)

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