Crown Castle Reports Large Earnings Miss (CCI)

Crown Castle International Corp. CCI reports Q2 earnings loss of $0.36 versus estimates of $0.01. Crown Castle International Corp. reports Q2 revenues of $409.6 million versus estimates of $446.54 million. Revenues increased 9% year over year. Recurring cash flow, defined as Adjusted EBITDA less interest expense less sustaining capital expenditures, increased from $131.5 million in the second quarter of 2009 to $154.9 million for the second quarter of 2010, up 18%. "Our business continued to perform very well during the second quarter as we grew site rental revenues 9% and recurring cash flow per share 18% on a year-over-year basis," stated Jay Brown, Chief Financial Officer of Crown Castle. "Our growth in recurring cash flow per share reflects the significant operating leverage in our business combined with our long-standing efforts to maintain a reasonably levered balance sheet and make investments which we believe will maximize our long-term recurring cash flow per share.” Shares of CCI are bid slightly higher in the after-hours.