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 josh.beckerman@wsj.com
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