Crown Says First Quarter Is “On Track,” Raises Outlook

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Following the announcement of first quarterly earnings Wednesday night, Crown Castle hosted a conference call for investors and analysts yesterday morning. The company’s first-quarter 2018 adjusted funds from operations (AFFO) per share of $1.36 exceeded the Zacks Consensus Estimate of $1.34. It also compared favorably with the year-ago tally of $1.24 per share, according to Zacks.com.

“We believe we remain on track to deliver another year of solid growth in 2018, following another quarter of great execution by our team,” said Dan Schlanger, Crown Castle’s Chief Financial Officer. “We are excited about the opportunity we see to generate compelling total returns for our shareholders in the near to medium term through a combination of dividends and growth, while at the same time making significant investments in our business that we believe will generate attractive returns longer term and support future growth in dividends per share.”

The following table sets forth Crown Castle’s current outlook for second quarter 2018 and full year 2018:

(in millions) Second Quarter 2018 Full Year 2018
Site rental revenues $1,153 to $ 1,163 $4,639 $4,684
Site rental cost of operations $348 to $ 358 $1,375 $1,420
Net income (loss) $139 to $ 164 $589 $669
Adjusted EBITDA $757 to $ 767 $3,097 $3,142
Interest expense and amortization of deferred financing costs $154 to $ 164 $616 $661
FFO $496 to $ 506 $2,002 $2,047
AFFO $539 to $ 549 $2,255 $2,300
Weighted-average common shares outstanding – diluted 416 415

April 20, 2018

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