Crown Castle (CCI) Misses Q4 EPS by 5c, Revenues Miss; Offers FY20 EPS/Revenue Guidance Below Consensus

Crown Castle (NYSE: CCI) reported Q4 EPS of $0.43, $0.05 worse than the analyst estimate of $0.48. Revenue for the quarter came in at $1.43 billion versus the consensus estimate of $1.49 billion.

"In 2019, we experienced our highest level of tower leasing activity in more than a decade as the continued growth in mobile data demand is driving our customers to make significant investments in their existing 4G networks, while they are also positioning their businesses for 5G," stated Jay Brown, Crown Castle’s Chief Executive Officer. "We believe our ability to offer towers, small cells and fiber solutions, which are all integral components of communications networks and are shared among multiple tenants, provides us the best opportunity to generate significant growth while delivering high returns for our shareholders. We believe that the U.S. represents the best market in the world for communications infrastructure ownership, and we are pursuing that compelling opportunity with our comprehensive offering.

"Further, we delivered another strong year of results for full year 2019 despite a noticeable slowdown in activity in the fourth quarter of 2019. We anticipate that this slowdown is temporary in nature and see a return to significant activity in the second half of this year. We believe the industry fundamentals are improving further with the competitive landscape for our existing customers coming into focus, the prospect of new customers looking for access to our tower and fiber infrastructure at scale, and additional wireless spectrum auctions on the horizon. As we look forward to what will likely be another decade-long investment cycle for our customers with the deployment of 5G, I am excited about the opportunity we see for Crown Castle to deliver long-term value to our shareholders while delivering dividend per share growth of 7% to 8% per year."

GUIDANCE:

Crown Castle sees FY2020 EPS of $2.32, versus the consensus of $2.42. Crown Castle sees FY2020 revenue of $5.36 billion, versus the consensus of $6.17 billion.

For earnings history and earnings-related data on Crown Castle (CCI) click here.

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