Crown Castle International (CCI) said it increased...
Crown Castle International (CCI) said it increased its revenue during Q4, but it ended the quarter with a net loss of about $19.5 million due to debt retirement. The cell tower company had a net profit of $48.9 million at…
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the same time in 2011. CCI said its debt retirement during the quarter totaled more than $117 million. The company increased its net revenue to $674.1 million during the quarter, up nearly 30 percent year-over-year from 2011; its revenue from cell site rentals rose to more than $570 million, up 21 percent year-over-year. CCI said Wednesday it expects it will take in nearly $2.5 billion in site rental revenue during 2013, including between $260 million and $265 million from the 7,100 tower sites it’s leasing from T-Mobile USA (http://xrl.us/bob6nq). CCI bought the leasing and operation rights from T-Mobile in late November for $2.4 billion, with an option to buy the towers outright at the end of the 28-year leasing period (CD Dec 3 p17). CCI’s strong revenue growth shows that “investors are underestimating cell site demand and the returns that these companies generate on reinvested cash,” said New Street Research analyst Jonathan Chaplin in an email to investors.