Crown Castle’s 1Q Results Were Fine, but Its Value Rests on Future Fiber Performance
No-moat Crown Castle’s first-quarter results were largely in line with our expectations in the company’s first full quarter since acquiring Lightower. Organic revenue grew 5.5% year over year, and adjusted EBITDA margin came in at just under 60%, both tracking our full-year forecast. While we thought the results were satisfactory, we think Crown Castle’s fortunes depend largely on how it integrates and builds on the Lightower assets, and it is too early to see much progress on that front in quar...Crown Castle International is a holding company. Through its subsidiaries, the company owns, operates and leases shared communications infrastructure that is geographically dispersed throughout the U.S., including towers and other structures, such as rooftops (collectively, towers), and fiber primarily supporting small cell networks (small cells) and fiber solutions. The company's towers, fiber and small cells assets are collectively referred to herein as communications infrastructure. The company's core business is providing access, including space or capacity, to its shared communications infrastructure via long-term contracts in various forms, including lease, license, sublease and service agreements.
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