Tuesday, Crown Castle International Corp. (CCI), reported a third quarter loss that narrowed from a year ago, on higher revenue from increasing demand for wireless communication services, including fourth generation wireless data services.
Crown Castle's third quarter net loss attributable to CCIC stockholders after deduction of dividends on preferred stock declined to $36.84 million from a net loss of $37.40 million during the year-ago period. Net loss attributable to CCIC common stockholders, after deduction of dividends on preferred stock was $0.13 per share for the third quarter of 2009 as well as the year-ago period.
On average, eleven analysts polled by Thomson Reuters estimated a loss of $0.04 per share for the quarter. Analysts' estimates typically exclude special items.
Total net revenues for the third quarter increased significantly to $429.07 million from $384.34 million in the year-ago period. Twelve Street analysts' estimated revenues of $419.06 million for the quarter.
Ben Moreland, president and chief executive officer, Crown Castle said, "We are experiencing solid growth in our business and remain excited about the strong fundamentals underlying our industry, driven by the increasing demand for wireless communication services, including fourth generation wireless data services."
Segment-wise, site rental revenues increased to $396.46 million from $353.98 million during the quarter, while network services and other revenues increased to $32.61 million from $30.36 million in the year-ago period.
The company's total cost of operations increased slightly during the quarter to $136.51 million from $136.29 million in the year-ago period.
General and administrative expenses during the quarter increased to $39.23 million from $37.43 million, while asset write-down charges increased to $3.07 million from $2.90 million year-ago. Depreciation, amortization and accretion declined slightly to $131.46 million from $131.71 million during the comparable period year-ago.
According to Crown Castle, interest expense and amortization of deferred financing costs incurred during the quarter increased to $111.16 million from $88.13 million year-ago. Also there was a loss of $4.84 million on purchases and redemptions of debt during the quarter. However, there was no impairment of available-for-sale securities during the quarter, while there was a charge of $23.71 million towards the same in the prior year period.
The net loss on interest rate swaps during the quarter was $58.32 million, compared with a gain of $2.40 million year-ago. Interest and other income during the quarter was $2.56 million, compared with a loss of $0.847 million in the year-ago period.
On October 20, Crown Castle issued $500 million of 7.125% senior notes due in 2019. The proceeds of these notes will be used for general corporate purposes, which may include the repayment or repurchase of certain outstanding indebtedness of its subsidiaries.
For the fourth quarter of 2009, Crown Castle expects site rental revenue in the range of $397 million - $402 million and net income/loss after deduction of dividends on preferred stock to range between a loss of $15 million and a profit of $7 million. On a per share basis, net income/loss is expected to range between a loss of $0.05 per share and earnings of $0.02 per share. Nine Street analysts currently estimate a loss of $0.02 per share for the quarter.
For the full year 2009, the company expects Site rental revenue to be in the range of $1.537 billion - $1.542 billion and net loss after deduction of dividends on preferred stock in the range of $165 million - $142 million. On a per share basis, the company expects a loss in the range of $0.58 per share - $0.48 per share. Twelve analysts currently estimate a loss of $0.45 per share for the year 2009.
For fiscal 2010, site rental revenue is expected to be in the range of $1.645 billion - $1.665 billion. Crown Castle anticipates a net income/loss after deduction of dividends on preferred stock to range between a loss of $16 million and a profit of $68 million. Net income/loss for the year 2010 is expected to range between a loss of $0.06 per share and a profit of $0.24 per share. Twelve analysts estimate the company to earn a profit of $0.09 per share for the fiscal year 2010.
Year-to-date, net loss attributable to CCIC stockholders after deduction of dividends on preferred stock was $148.08 million, compared with $0.645 million a year-ago. Net loss attributable to CCIC common stockholders, after deduction of dividends on preferred stock was $0.52 for the year-to-date period. Total net revenues for the nine-month period increased to $1.24 billion from $1.13 billion for the comparable period year-ago.
CCI closed Tuesday's last trade on the New York Stock Exchange at $31.59, up $1.56 or 5.19%.
For comments and feedback contact: editorial@rttnews.com
June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.