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Crown Castle Reports Fourth Quarter And Full Year 2013 Results; Raises 2014 Outlook

Stocks in this article: CCI

Highlights

  • Solidified US leadership position in wireless infrastructure through AT&T tower transaction
  • Commenced operating as a REIT on January 1, 2014
  • Announced plan to initiate dividend in first quarter 2014
  • Grew year-over-year AFFO per share by 40%

HOUSTON, Jan. 22, 2014 (GLOBE NEWSWIRE) -- Crown Castle International Corp. (NYSE:CCI) today reported results for the quarter and year ended December 31, 2013.

"We delivered excellent financial results throughout 2013, growing year-over-year AFFO per share by 40%, and solidified Crown Castle's position as the largest provider of shared wireless infrastructure in the US by closing the $4.8 billion AT&T tower transaction at the end of last year," stated Ben Moreland, Crown Castle's President and Chief Executive Officer. "Our 40,000 towers and 11,000 nodes within our small cell networks uniquely position us to accommodate growing carrier demand for network quality and capacity enhancements through increased cell density. Reflecting this growing demand, our full year 2014 Outlook anticipates a 30% increase, on a same tower basis, in new leasing activity compared to 2013. In addition, we are focused on leveraging our expertise in integrating assets and increasing site rental revenue and margin to create value from the AT&T towers."

CONSOLIDATED FINANCIAL RESULTS

Total revenue for the fourth quarter of 2013 increased 18% to $798 million from $674 million for the same period in 2012. Site rental revenue for the fourth quarter of 2013 increased $80 million, or 14%, to $651 million from $570 million for the same period in the prior year. Site rental gross margin, defined as site rental revenue less site rental cost of operations, increased $43 million, or 10%, to $464 million in the fourth quarter of 2013 from $421 million in the same period in 2012. Adjusted EBITDA for the fourth quarter of 2013 increased $54 million , or 13%, to $468 million from $414 million in the same period in 2012. 

Adjusted Funds from Operations ("AFFO") increased 48% to $359 million in fourth quarter 2013 compared to $243 million in the fourth quarter of 2012. AFFO per share increased 35% to $1.12 in the fourth quarter of 2013 compared to $0.83 in the fourth quarter of 2012. Funds from Operations ("FFO") increased $196 million to $284 million in the fourth quarter of 2013 compared to $88 million in the fourth quarter of 2012. FFO per share increased $0.59 to $0.89 in the fourth quarter of 2013 compared to $0.30 in the fourth quarter of 2012.

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