Crown Castle Names New CEO, Lifts 2016 Guidance
January 27 2016 - 06:15PM
Dow Jones News
By Chelsey Dulaney
Crown Castle International Corp. on Wednesday bumped up its 2016
guidance and announced that Financial Chief Jay Brown will take
over the company's top executive spot on June 1.
Mr. Brown will succeed Ben Moreland as chief executive officer
and president. Mr. Moreland will remain at the company as executive
vice chairman of the board.
Meanwhile, Crown Castle reported better-than-expected revenue
for its fourth quarter.
Shares rose 2.2% in after-hours trading.
Companies such as Crown Castle, which buys or builds portfolios
of cell towers and then rents them to carriers, have grown amid a
wave of investment driven by increased demand for wireless
Internet.
For the quarter ended Dec. 31, Crown Castle's revenue grew 2.2%
to $945.8 million, topping analysts' estimates of $928.5 million,
according to Thomson Reuters.
Site rental revenue rose 8.6% to $785.4 million, above the
midpoint of the company's guidance of $781 million.
Crown Castle reported a profit of $141.1 million before the
payout of preferred dividends and noncontrolling interests,
compared with $152.6 million a year earlier.
On a per-share basis, profit fell to 39 cents from 41 cents a
year earlier. Analysts had forecast 32 cents a share in
earnings.
For 2016, Crown Castle raised the midpoint of its guidance for
site rental revenue to $3.18 billion from $3.17 billion. It raised
its forecast for adjusted earnings before interest, taxes,
depreciation and amortization to $2.18 billion from $2.17
billion.
Write to Chelsey Dulaney at Chelsey.Dulaney@wsj.com
(END) Dow Jones Newswires
January 27, 2016 18:00 ET (23:00 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
Crown Castle (NYSE:CCI)
Historical Stock Chart
From Feb 2024 to Mar 2024
Crown Castle (NYSE:CCI)
Historical Stock Chart
From Mar 2023 to Mar 2024