Crown Castle's Strong 2Q Results Driven by Lower-Quality Revenue; No Change to Our Fiber Skepticism
Crown Castle's second-quarter numbers looked great, with higher-than-expected revenue and profits serving as a prelude to the firm raising 2019 guidance. However, 100% of the outperformance relative to our forecast was due to nonrecurring network services and other revenue rather than site-rental revenue (leasing revenue on towers, small cells, and fiber). More importantly, we are yet to see impressive fiber revenue results. Our inability to find a competitive advantage in fiber led us to our no...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.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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