Crown Castle (CCI)

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Crown Castle (CCI) Reports Mixed Quarter, Raises Full-Year Guidance
By: TheStreet | April 21, 2021

• Crown Castle beat on first-quarter earnings but missed revenue estimates. It also raised its full-year earnings and revenue guidance.

Shares of Crown Castle International Corp. (CCI) were unchanged after the company reported mixed first-quarter earnings Wednesday.

Crown Castle reported earnings of $1.71 per share on revenue of $1.37 billion. The Houston-based company was expected to report earnings 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.

For the full year, the 5G cell tower company expects revenue of $5.695 billion, up from its previous view of $5.555 billion. Analysts are expecting full year revenue of $6.17 billion.

The company also raised its full-year earnings per share estimate to $6.79, from its previous estimate of $6.69 per share. Analysts are expecting EPS of $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. "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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