Crown Castle International Corp. finished a strong second quarter, reporting revenues for the quarter ended June 30 increased 91 percent to $148.4 million from the $77.5 million reported for second-quarter 1999.
The company reported a net loss of $59.2 million, or 43 cents per share, compared with a net loss of $20.9 million, or 22 cents per share, for the same quarter the previous year.
Crown Castle also said it added 3,304 tenants from acquisitions and 1,246 new tenants, compared with 1,224 acquired tenants and 574 new tenants for the same time last year. The company has 11,453 sites in the United States, the United Kingdom and Australia, according to Crown Castle Chief Financial Officer Ben Moreland. He also noted that 90 percent of new towers hosted broadband tenants.
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Crown Castle’s strong earnings beat numerous analyst expectations. John Kelly, the company’s chief operating officer, said a major factor contributing to Crown Castle’s growth continues to come in the form of coverage expansion on the part of wireless carriers.
“There is nothing that would tell me that it is going to slow down in the next couple of quarters,” Kelly said.
The second quarter was Crown Castle’s best financial quarter to date, said Moreland.