Crown Castle Posts Lower 1Q Profit As Sales Rise on 5G Demand
April 21 2021 - 4:58PM
Dow Jones News
By Kimberly Chin
Crown Castle International Corp. reported lower profit in the
first quarter, but sales rose as the company saw strong demand for
5G leasing.
The cell tower operator said net profit fell to $121 million
from $185 million in the year-earlier quarter. Per-share earnings
were 28 cents, down from 38 cents last year.
Net revenue rose to $1.49 billion from $1.42 billion a year
earlier.
Funds from operations was $1.20 a share, compared with $1.31 a
share a year ago. On an adjusted basis, FFO was $1.71 a share, up
from $1.42 a share a year earlier. Analysts on average were looking
for reported FFO of $1.43 a share and adjusted FFO of $1.63 a
share.
"We are excited to continue to support our customers' wireless
infrastructure needs as they deploy nationwide 5G in the U.S., and
we expect to once again generate industry leading domestic tower
revenue growth in 2021," Chief Executive Officer Jay Brown said in
prepared remarks.
Write to Kimberly Chin at kimberly.chin@wsj.com
(END) Dow Jones Newswires
April 21, 2021 16:43 ET (20:43 GMT)
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