Crown Castle International (NYSE:CCI) Q3 2020 Earnings Prep


Crown Castle International Corp. (REIT) (NYSE:CCI) is scheduled to report Q3 earnings results after markets close for trading on October 21, 2020.

The company is expected to report earnings of $0.50/share on revenue of $1.505 billion. The consensus earnings per share (EPS) of $0.50/share is based on a poll of 9 analysts and represents a decline in eps of −14.4% over the same quarter last year, when the company reported earnings of $0.58/share.

The revenue forecast of $1.505 billion based on a poll of 13 analysts implies a year-over-year (YoY) decline in revenue of −0.6%. Last year the company reported $1.514 billion in revenue for the quarter.

Expected to report EPS contraction of −14.4% for Q3, 2020
Metric Expected Prior Year YoY Change
Revenue $1,504.68 $1,514.00 −0.6%
EPS $0.50 $0.58 −14.4%

Earnings Call Trends

Historically, management has exceeded analyst expectations 5 out of the last 8 tracked quarters, and missed expectations 3 quarters.

What are your expectations from Crown Castle International Corp. (REIT) for earnings this quarter? Let us know in the comments!

Analyst Expected vs. Reported EPS
Quarter Expected Reported Surprise Result
Q2, 2020 $0.50 $0.41 −17.4% Missed
Q1, 2020 $0.49 $0.38 −22.7% Missed
Q4, 2019 $0.46 $0.43 −6.6% Missed
Q3, 2019 $0.49 $0.58 18.3% Beat
Q2, 2019 $0.41 $0.52 26.8% Beat
Q1, 2019 $0.41 $0.44 6.8% Beat
Q4, 2018 $0.43 $0.44 1.8% Beat
Q3, 2018 $0.28 $0.33 19.6% Beat

In the following table, we summarize the company’s stock price movements after earnings releases. The “Price Day Prior” column shows the closing stock price on the day before the earnings report, and the “Price Next Day” column shows the stock price at the end of the trading day after the earnings report. After the last earnings report for the period ending June 30, 2020, the stock price did not react much to the update.

Stock Price Performance After Earnings
Report Date Price Day Prior Price Next Day Change % Result
July 29, 2020 $171.78 $170.21 −0.9% Decline
April 29, 2020 $161.26 $159.43 −1.1% Decline
April 29, 2020 $163.02 $148.40 −8.97% Decline
April 29, 2020 $134.65 $139.58 3.36% Increase

The other question to consider is one of earnings manipulation. There is a lot of pressure on management each quarter to deliver on earnings expectations. The Beneish M-Score is a statistical model that provides some insight into whether the company might be manipulating earnings. With a Beneish M-Score of −2.96, the model suggests that the company is not likely to be an earnings manipulator. A value of −2.96 implies a 0.2% chance of earnings manipulation.

Fundamentals And Technical Analysis

Crown Castle International Corp. (REIT) is currently trading at $168.03/share, up 0.7% for the day. The company is trading at approximately 93.3% of its 52-week high of $180/share. The company’s stock price is down −1.3% since the last earnings report and down −0.1% over the previous week.

The company’s 14 Day Relative Price Index (RSI) of 54.58 suggests the company is trading in technically neutral territory. The RSI is considered overbought when above 70 and oversold when below 30.

NYSE:CCI Stock Price Chart
Source: Finbox

The current share price implies a price-to-earnings (P/E) multiple of 97.40 and a forward P/E multiple of 80.19.

Crown Castle International Corp. (REIT)’s current share price also implies a price-to-book (P/B) multiple of 7.18. The following table summarizes some other key fundamental ratios:

Data as of October 19, 2020
Metric Value
Last Reported Fiscal Period Key FY2020.Q2
Period End Date June 30, 2020
Stock Price (Current) $168.03
P/E Ratio 97.4x
P/E Ratio (Fwd) 80.2x
PEG Ratio 6.1
Total Debt / Total Capital 27.7%
Levered Free Cash Flow $960 million
EV / EBITDA 30.7x


Crown Castle International Corp. (REIT) is a large-cap stock with a market capitalization of $70.043 billion and a total enterprise value of $94.564 billion. The company operates in the Real Estate sector and the Equity Real Estate Investment Trusts (REITs) industry.

Crown Castle owns, operates and leases more than 40,000 cell towers and approximately 80,000 route miles of fiber supporting small cells and fiber solutions across every major U.S. market. This nationwide portfolio of communications infrastructure connects cities and communities to essential data, technology and wireless service – bringing information, ideas and innovations to the people and businesses that need them.

Expertise: financial modeling, mergers & acquisitions. Andy is also a founder at, where he’s focused on building tools that make it faster and easier for investors to do investment research. Andy’s background is in investment banking where he led the analysis on over 50 board advisory engagements involving mergers and acquisitions, fairness opinions and solvency opinions. Some of his board advisory highlights: - Sears Holdings Corp.’s $620 mm spin-off via rights offering of Sears Outlet, Hometown Stores and Sears Hardware Stores. - Cerberus Capital Management’s $3.3 bn acquisition of SUPERVALU Inc.’s New Albertsons, Inc. assets. Andy can be reached at or at +1 (516) 778-6257.

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