By Kimberly Chin
Crown Castle International Corp. raised its earnings forecast for the fiscal 2021 year as the company sees demand for 5G leasing picking up among customers.
The cell tower operator now expects site rental sales around $5.67 billion to $5.72 billion for the year, up from its previous outlook between $5.53 billion and $5.58 billion.
It expects adjusted funds from operations around $6.74 to $6.85 a share, compared its prior forecast of $6.64 to $6.74 a share. Analysts predicted adjusted FFO around $6.71 a share, per a FactSet poll.
"We are excited about the increasing level of activity we see in our business as our customers have begun to deploy 5G at scale," Chief Financial Officer Dan Schlanger said in prepared remarks.
"We believe we are well positioned to support our growing number of customers by providing a comprehensive set of solutions across towers, small cells and fiber solutions, which are all necessary to build out 5G wireless networks," he said.
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(END) Dow Jones Newswires
April 21, 2021 17:09 ET (21:09 GMT)Copyright (c) 2021 Dow Jones & Company, Inc.