Crown Castle Raises 2011 Outlook

Crown Castle International Corp.'s Q2 revenue increased 10% to $500 million from $456 million in the same period in 2010. Site rental revenue for the second quarter of 2011 increased $47 million, or 12%, to $457 million from $410 million for the same period in the prior year. Site rental gross margin, defined as site rental revenue less site rental cost of operations, increased $42 million, or 14%, to $336 million in the second quarter of 2011 from $294 million in the same period in 2010. Adjusted EBITDA for the second quarter of 2011 increased $40 million, or 14%,to $320 million from $280 million in the same period in 2010.


"We had an excellent second quarter, exceeding the high-end of our Outlook for site rental revenue, site rental gross margin, Adjusted EBITDA and recurring cash flow," stated Ben Moreland, President and Chief Executive Officer. "As reflected in our results, we enjoyed solid growth in our core business, driven largely by the evolution to 4G networks and the continued growth in mobile Internet use. This growth in our core business resulted primarily from amendment activity from existing tenants. Further, the contribution from our services business exceeded our expectations. Based on our strong second quarter results and our expectations for the remainder of 2011, we have raised our full year 2011 Outlook."


Crown Castle owns, operates and manages over 22,000 and approximately 1,600 wireless communication sites in the US and Australia, respectively. http://www.crowncastle.com/