Research Desk Line-up: IDT Corp. Post Earnings Coverage
LONDON, UK / ACCESSWIRE / October 23, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on Crown Castle International Corp. (NYSE: CCI), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=CCI, following the Company's announcement of its financial results on October 18, 2017, for the third quarter fiscal 2017. The Company's net revenues increased 7.1% on a y-o-y basis. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:
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Get more of our free earnings reports coverage from other constituents of the Diversified Communication Services industry. Pro-TD has currently selected IDT Corporation (NYSE: IDT) for due-diligence and potential coverage as the Company reported on October 03, 2017, its financial results for Q4 FY17 and full year FY17 which ended on July 31, 2017. Register for a free membership today, and be among the early birds that get access to our report on IDT Corp. when we publish it.
At Pro-TD, we make it our mission to bring you news that matter about the stock you follow. Today, our research desk covers a blog story on CCI; also brushing on IDT. With the links below you can directly download the report of your stock of interest free of charge at:
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Earnings Reviewed
For three months ended September 30, 2017, Crown Castle's net revenues increased 7.1% to $1.06 billion from $992.02 million in Q3 FY16. Net revenue was in-line with analysts' expectations of $1.06 billion.
During Q3 FY17, Crown Castle's adjusted earnings before interest, tax, depreciation, and amortization (EBITDA) increased 7.2% to $604.8 million from $564.1 million in Q3 FY16. For the reported quarter, the Company's adjusted EBITDA margin increased 20 basis points to 57% of revenue from 56.8% of revenue in Q3 FY16.
For the reported quarter, Crown Castle's general and administrative (G&A) expenses increased 12% to $100.77 million from $89.94 million in Q3 FY16. For the reported quarter, the Company's depreciation, amortization, and accretion expenses increased 5.4% to $296.03 million from $280.82 million in Q3 FY16. During Q3 FY17, Crown Castle's total operating expenses increased 7.3% to $802.67 million from $747.76 million in the same period last year.
During Q3 FY17, the Company's operating income increased 6.6% to $260.57 million from $244.25 million in Q3 FY16. For the reported quarter, the Company's operating margin decreased 10 basis points to 24.5% of revenue from 24.6% of revenue in Q3 FY16.
For the reported quarter, Crown Castle's net income decreased 2.4% to $85.26 million from $87.37 million in Q3 FY16. For the reported quarter, the Company's diluted EPS decreased 19.2% to $0.21 from $0.26 in the same period last year.
During Q3 FY17, Crown Castle's funds from operations (FFO) increased 10.4% to $408.4 million on a y-o-y basis from $369.9 million in Q3 FY16. During Q3 FY17, Crown Castle's adjusted funds from operations (AFFO) increased 10% to $458.5 million on a y-o-y basis from $415.8 million in Q3 FY16. For the reported quarter, Crown Castle's FFO per share decreased 6.4% to $1.02, from $1.09 in Q3 FY16. During Q3 FY17, the Company's AFFO per share decreased 6.5% to $1.15 from $1.23 in the same period last year. The AFFO per share surpassed analysts' expectations of $1.10.
Crown Castle's Segment Details
Site Rental - During Q3 FY17, Crown Castle's Site Rental segment's total revenue increased 9.9% to $892.76 million from $812.03 million in the same period last year. For the reported quarter, the segment's gross income increased 10.1% to $621.41 million from $563.96 million in Q3 FY16.
Network Services - During Q3 FY17, the Network Services segment's total revenue decreased 5.2% to $170.48 million from $179.98 million in the same period last year. For the reported quarter, the segment's gross income decreased 9.6% to $65.39 million from $72.40 million in Q3 FY16.
Balance Sheet
As on September 30, 2017, Crown Castle's cash and cash equivalents was $6.72 billion compared to $567.60 million on December 31, 2016.
During Q3 FY17, the Company's net receivables decreased 14.9% to $317.86 million from $373.53 million in Q4 FY16.
For the reported quarter, the Company's total assets increased 36.7% to $31.01 billion from $22.68 billion in Q4 FY16.
During Q3 FY17, Crown Castle's accounts payable decreased 4.8% to $179.34 million, from $188.52 million in Q4 FY16.
During FY17, Crown Castle's YTD cash provided by operating activities increased 8.6% to $1.42 billion from $1.30 billion in the same period last year.
On October 19, 2017, Crown Castle's Board of Directors declared a quarterly cash dividend of $1.05 per common share, payable on December 29, 2017, to common stockholders of record at the close of business on December 15, 2017.
Outlook
For Q4 FY17, Crown Castle expects net income to be in the range of $91 million-$116 million and adjusted EBITDA to be in the range of $624 million-$629 million. The Company estimates FFO to be in the range of $376 million-$381 million and AFFO to be in the range of $430 million-$435 million for Q4 FY17.
For FY17, Crown Castle expects net income to be in the range of $438 million to $463 million and adjusted EBITDA to be $2.40 billion. The Company estimates FFO to be in the range of $1.59 billion to $1.60 billion and AFFO to be in the range of $1.78 billion to $1.78 billion for FY17.
Stock Performance
On Friday, October 20, 2017, the stock closed the trading session at $104.99, climbing 1.71% from its previous closing price of $103.22. A total volume of 3.31 million shares have exchanged hands, which was higher than the 3-month average volume of 2.97 million shares. Crown Castle Intl.'s stock price surged 5.90% in the last three months, 10.85% in the past six months, and 14.69% in the previous twelve months. Furthermore, since the start of the year, shares of the Company have rallied 21.00%. The stock is trading at a PE ratio of 87.13 and has a dividend yield of 4.00%. At Friday's closing price, the stock's net capitalization stands at $41.94 billion.
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