Crown Castle Profits Rise in 4Q, Funds From Operations Beat Views
January 27 2021 - 5:07PM
Dow Jones News
By Adriano Marchese
Crown Castle International Corp. said profit rose in the fourth
quarter, benefiting from forecast-beating funds from operations in
the period.
For the period ended Dec. 31, the cell tower operator said net
income rose to $508 million, or $1.17 a share, from $208 million,
or 43 cents a share, in the year-earlier quarter.
Funds from operations rose to $2.22 a share from $1.36 a share a
year ago. On an adjusted basis, FFO was $2.33 a share, up from 1.38
a share a year earlier.
Analysts expected FFO of $1.55 a share, or $1.65 a share on an
adjusted basis.
Net revenue rose slightly to $1.49 billion from $1.43 billion a
year earlier.
Looking ahead at its dividend growth, the company said that it
anticipates a growth of 7% to 8% a year.
"Adding to our long-term growth opportunity, we finished the
year with approximately 50,000 small cells on air, and we
meaningfully increased our backlog of small cells committed or
under construction to approximately 30,000 with the 5G small cell
agreement with Verizon we announced today," Chief Executive Jay
Brown said.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
January 27, 2021 16:52 ET (21:52 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
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