Earnings Preview: Crown Castle - Analyst Blog
2012年7月24日 - 8:45PM
Zacks
Crown Castle International
Inc. (CCI) is slated to release its second quarter 2012
results on Wednesday, July 25, after the closing bell. The current
Zacks Consensus Estimate for the second quarter is pegged at 39
cents, representing an annualized growth of 328.65%.
With respect to earnings surprise
over the trailing four quarters, Crown Castle has outperformed the
Zacks Consensus Estimate in three of the last four quarters. The
average earnings surprise was a positive 6.96%, implying that the
company has outdone the Zacks Consensus Estimate by the same
magnitude in three out of the last four quarters.
First-Quarter
Performance
On April 25, 2012, CCI declared its
financial results for the first quarter of fiscal 2012. The results
were in line with the Zacks Consensus Estimates. Quarterly GAAP net
income was approximately $50.3 million or 17 cents per share
compared with a net income of $40 million or 12 cents per share in
the year-ago quarter. First-quarter 2012 EPS of 17 cents was in
line with the Zacks Consensus Estimate.
Net revenue in the reported quarter
was $551.7 million, up 10.6% year over year, exceeding the Zacks
Consensus Estimate of $521 million. This growth was primarily
attributable to improved performance in the Site Rental
segment.
Gross margin in the reported
quarter was 72.0% compared with 70.8% in the year-ago quarter.
Operating income was $202.2 million compared with $166.4 million in
the prior-year quarter.
Agreement of Estimate
Revisions
Of the 19 analysts covering the
stock in the last 30 days, none of the analysts revised the
estimate upward for the second quarter of 2012. Likewise, out of
the 18 analysts covering the stock, none revised their estimates
for the third quarter of 2012.
However, for fiscal 2012, out of
the 19 analysts covering the stock, one analyst increased the EPS
estimate but none moved in the opposite direction, over the last 30
days. For fiscal 2013, none of the19 analysts revised their
estimates in the last 30 days.
Magnitude of Estimate
Revisions
Due to lack of any estimate
revisions, the current Zacks Consensus Estimates for the current
and the next quarter of fiscal 2012 has remained stable over the
last 30 days, at 39 cents and 11 cents, respectively.
For fiscal 2012 and 2013, the
current Zacks Consensus Estimate was flat compared with earlier
estimates of $0.79 and $1.01, respectively.
Earning
Surprises
The current Zacks Consensus
Estimates for Crown Castle contains a 7.69% upside potential but
the upcoming quarter is reflecting a 9.09% downside risk
(essentially a proxy for future earning surprises). Likewise, for
fiscal 2012, the Zacks Consensus Estimates contains a growth
potential of 2.53% and for fiscal 2013, the downside potential is
2.97%.
Our
Recommendation
Despite huge debt, and stiff
competition from American Tower Corp. (AMT) and
SBA Communications Corp. (SBAC), we believe that
strong financial outlook, and continuous acquisition of towers
coupled with increased roll outs of 3G/4G high speed mobile voice,
data, and video technology and higher adaptation of smartphones
will act as positive catalysts for the stock, going forward.
We, maintain our long-term Neutral
recommendation on Crown Castle. Currently, Crown Castle holds a
Zacks #1 Rank, implying a short-term Strong Buy rating.
AMER TOWER CORP (AMT): Free Stock Analysis Report
CROWN CASTLE (CCI): Free Stock Analysis Report
SBA COMM CORP (SBAC): Free Stock Analysis Report
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SBA Communications (NASDAQ:SBAC)
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から 6 2024 まで 7 2024
SBA Communications (NASDAQ:SBAC)
過去 株価チャート
から 7 2023 まで 7 2024