Crown Castle Posts Higher Revenue and Profit

   By Josh Beckerman 
 

Crown Castle International Corp. said a strong first quarter prompted the cell-tower owner to raise the midpoint of its 2015 guidance for site-rental revenue and adjusted funds from operations.

Crown Castle expects site-rental revenue of $3.07 billion to $3.08 billion and adjusted funds from operations of $4.34 to $4.39 a share. That compares with prior ranges of $3.06 billion to $3.08 billion and $4.33 to $4.39 a share, respectively,

The company converted to a real-estate investment trust last year.

Companies like Crown Castle, which buy or build portfolios of cell towers and then rent them to carriers, have grown amid a wave of investment driven by increased demand for wireless Internet.

For the quarter ended March 31, Crown Castle reported net income of $122.8 million, or 34 cents a share, compared with $101.5 million, or 27 cents a share, a year earlier.

Net revenue rose to $941 million from $876 million.

Adjusted funds from operations were $1.12 a share, compared with the company's January forecast of $1.09 to $1.10 a share.

Crown Castle in October more than doubled its dividend to $3.28 a share, from $1.40, following pressure from hedge fund Corvex Management LP. It said in February that it is exploring the sale of its Australian unit.

Write to Josh Beckerman at [e-mail]

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