Exhibit 99.1

logoa47.jpg
 
NEWS RELEASE
February 26, 2020

 
 
Contacts: Dan Schlanger, CFO
 
Ben Lowe, VP & Treasurer
FOR IMMEDIATE RELEASE
Crown Castle International Corp.
 
713-570-3050

CROWN CASTLE REPORTS FULL YEAR 2019 RESULTS,
UPDATES OUTLOOK FOR FULL YEAR 2020, AND ANNOUNCES RESTATEMENT OF FINANCIAL RESULTS

February 26, 2020 - HOUSTON, TEXAS - Crown Castle International Corp. (NYSE: CCI) ("Crown Castle") today reported results for the fourth quarter and full year ended December 31, 2019, updated its full year 2020 Outlook, and announced the restatement of previously-issued financial statements.
(in millions, except per share amounts)
Midpoint of Current Full Year
2020 Outlook(c)
Full Year 2019 Actual(d)
Full Year 2018 Actual,
as restated(d)
Full Year 2019 to Full Year 2020 Outlook % Change
Full Year 2018 to Full Year 2019 % Change(d)
Site rental revenues
$5,360
$5,098
$4,800
+5%
+6%
Net income (loss)
$1,038
$863
$625
+20%
+38%
Net income (loss) per share—diluted(a)
$2.32
$1.80
$1.23
+29%
+46%
Adjusted EBITDA(b)
$3,502
$3,304
$3,095
+6%
+7%
AFFO(a)(b)
$2,595
$2,376
$2,228
+9%
+7%
AFFO per share(a)(b)
$6.12
$5.69
$5.37
+8%
+6%
(a)
Attributable to CCIC common stockholders.
(b)
See "Non-GAAP Financial Measures, Segment Measures and Other Calculations" included herein for further information and reconciliation of this non-GAAP financial measure to net income (loss).
(c)
Represents no change from the midpoint of full year 2020 Outlook issued on October 16, 2019 ("Previous 2020 Outlook") other than the impact of the restatement described in "Expected Impact of the Restatement of Previously-Issued Financial Statements."
(d)
Results are preliminary and unaudited. See "Expected Impact of the Restatement of Previously-Issued Financial Statements" included herein for more information regarding the Company's restatement.
"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," stated Jay Brown, Crown Castle’s Chief Executive Officer. "We believe our ability to offer towers, small cells and fiber 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.
"Further, we delivered another strong year of results for full year 2019 despite a noticeable slowdown in activity in the fourth quarter of 2019. We anticipate that this slowdown is temporary in nature and see a return to significant activity in the second half of this year. We believe the industry fundamentals are improving further with the competitive landscape for our existing customers coming into focus, the prospect of new customers looking for access to our tower

The pathway to possible.
CrownCastle.com


The following information was filed by Crown Castle International Corp (CCI) on Wednesday, February 26, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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