Crown Castle International reports $5m in 2019 revenues amid pending T-Mobile and Sprint merger
Crown Castle International Corp. (NYSE: CCI) has reported results for the fourth quarter and full-year ended December 31, 2019.
The real estate investment trust company reported $5 million in revenues for the full year 2019, up 6% from 2018. The company reported an Adjusted EBITDA of $3.3 million.
“In 2019, we experienced our highest level of tower leasing activity in more than a decade as the continued growth in mobile data demand is driving our customers to make significant investments in their existing 4G networks, while they are also positioning their businesses for 5G,” said Jay Brown, Crown Castle’s CEO.
“We believe our ability to offer towers, small cells and fibre solutions, which are all integral components of communications networks and are shared among multiple tenants, provides us the best opportunity to generate significant growth while delivering high returns for our shareholders.
“We believe that the U.S. represents the best market in the world for communications infrastructure ownership, and we are pursuing that compelling opportunity with our comprehensive offering.”
Capital expenditures during the year were $2.1 billion, comprised of $53 million of land purchases, $117 million of sustaining capital expenditures, $1.9 billion of discretionary capital expenditures and $9 million of integration capital expenditures.
The discretionary capital expenditures included approximately $1.4 billion attributable to fibre and approximately $454 million attributable to Towers.
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During 2019, Crown Castle paid common stock dividends of approximately $1.9 billion in the aggregate, or $4.575 per common share, an increase of approximately 7% on a per share basis compared to the same period a year ago.
“Our solid 2019 results and 2020 Outlook, which remains unchanged with the exception of the impact of the restatement we disclosed today, reflect the strong underlying demand for our communications infrastructure assets and our ability to translate growth in data demand into growth in dividends per share,” said Dan Schlanger, Crown Castle’s Chief Financial Officer.
“Uncertainty around the outcome of the pending merger between T-Mobile and Sprint led to lower activity levels in the fourth quarter of 2019 that we believe will continue through the first quarter of 2020.
“However, we expect activity levels across the industry to increase throughout the year and potentially beyond as we believe our customers will accelerate their investments in 5G.
“As a result, we expect our financial performance in 2020 will be more back-end loaded than we previously expected, particularly for services contribution.
“Against that backdrop, we are excited about the growth trends across our business and the long-term opportunity in front of Crown Castle as we continue to target 7% to 8% annual growth in dividends per share.”
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