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Crown Castle Reports Mixed Quarter, Raises Full-Year Guidance

Crown Castle missed revenue estimates but raised its full-year earnings and revenue outlook.
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Shares of Crown Castle International Corp.  (CCI) - Get Crown Castle International Corp. (REIT) Report were unchanged after the cell tower real estate investment trust reported mixed first-quarter earnings Wednesday. 

Crown Castle reported adjusted funds from operations of $1.71 per share on revenue of $1.49 billion. The Houston-based company was expected to report AFFO of $1.63 per share on revenue of $1.5 billion.

"We are excited to continue to support our customers' wireless infrastructure needs as they deploy nationwide 5G in the U.S., and we expect to once again generate industry leading domestic tower revenue growth in 2021," said CEO Jay Brown in a statement. 

For the full year, the 5G cell tower company expects site rental revenues of between $5.672 billion and $5.717 billion. The midpoint of the range, $5.695 billion is up from its previous view of $5.555 billion. Analysts are expecting full year revenue of $6.17 billion.

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The company also raised its full-year adjusted funds from operations per share estimate to $6.79, from its previous estimate of $6.69 per share. Analysts have been looking for $6.71 per share for the year, according to FactSet. 

"We are excited about the increasing level of activity we see in our business as our customers have begun to deploy 5G at scale," said CFO Dan Schlanger in the statement. "We believe we are well positioned to support our growing number of customers by providing a comprehensive set of solutions across towers, small cells and fiber solutions."

Crown Castle shares closed Wednesday's session basically flat, but the shares are up about 15% year to date. 

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