Friday, April 24, 2015

Solid Start for CCI

Late Wednesday, Crown Castle reported their first quarter earnings. Industry analysts had a lot to say after the earnings were released, and after CCI held their quarterly conference call:
Colby Synesael of Cowen and Company, noted, “Crown reported good 1Q15 results including AFFO/share at the high-end of guidance after backing out some timing benefits that weren’t contemplated in guidance. The company also slightly increased its 2015 organic site rental rev. growth forecast and AFFO despite FX headwinds. As a result, we expect the stock to trade up slightly relative to the overall market.”
Jonathan Schildkraut of Evercore ISI, commented, “CCI reported solid 1Q results, with site leasing, EBITDA, and AFFO per share ahead of our estimates by 0.6%, 2.0% and 5.8% respectively. Notably, AFFO for 1Q benefitted from ~$6 million in lower than expected sustaining capex, or roughly $0.02 per share. Without this benefit, AFFO per share would have been $1.13, 4.0% ahead of our estimate. CCI also increased its FY15 outlook for site leasing, EBITDA, and AFFO per share by 0.2%, 0.1%, and 0.2%, respectively, which implies strong domestic results given the reduction in FX assumptions (moving the AUD/USD assumption to 0.76x from 0.81x).” Continue reading here

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