Crown Castle Names New CEO, Lifts 2016 Guidance

By Chelsey Dulaney 

Crown Castle International Corp. on Wednesday bumped up its 2016 guidance and announced that Financial Chief Jay Brown will take over the company's top executive spot on June 1.

Mr. Brown will succeed Ben Moreland as chief executive officer and president. Mr. Moreland will remain at the company as executive vice chairman of the board.

Meanwhile, Crown Castle reported better-than-expected revenue for its fourth quarter.

Shares rose 2.2% in after-hours trading.

Companies such as Crown Castle, which buys or builds portfolios of cell towers and then rents them to carriers, have grown amid a wave of investment driven by increased demand for wireless Internet.

For the quarter ended Dec. 31, Crown Castle's revenue grew 2.2% to $945.8 million, topping analysts' estimates of $928.5 million, according to Thomson Reuters.

Site rental revenue rose 8.6% to $785.4 million, above the midpoint of the company's guidance of $781 million.

Crown Castle reported a profit of $141.1 million before the payout of preferred dividends and noncontrolling interests, compared with $152.6 million a year earlier.

On a per-share basis, profit fell to 39 cents from 41 cents a year earlier. Analysts had forecast 32 cents a share in earnings.

For 2016, Crown Castle raised the midpoint of its guidance for site rental revenue to $3.18 billion from $3.17 billion. It raised its forecast for adjusted earnings before interest, taxes, depreciation and amortization to $2.18 billion from $2.17 billion.

Write to Chelsey Dulaney at [e-mail]

(END) Dow Jones Newswires

January 27, 2016 18:00 ET (23:00 GMT)

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