Crown Castle (CCI) FY2018 results: revenue $5.4 billion, up 26.2% on the year
Crown Castle Inc. (CCI) reported revenue of $5.4 billion for fiscal 2018, the year ended 31 December 2018, up 26.2% on the year before. Net income was $509 million, up 14.5%, and diluted earnings per share $1.23. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2019.
Revenue
$5.4 billion
+26.2% on the year
FY2011FY2018
Operating margin
25.8%
22.7% a year earlier
FY2011FY2018
Net income
$509 million
+14.5% on the year
FY2011FY2018
Diluted EPS
$1.23
+21.8% on the year
FY2011FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
5,370
4,255
3,921
+26.2%
Cost of revenue
1,847
1,543
1,441
+19.7%
Gross profit
3,523
2,712
2,480
+29.9%
Gross margin
65.6%
63.7%
63.3%
Selling, general and administrative
563
427
371
+31.9%
Operating income
1,383
967
949
+43.0%
Operating margin
25.8%
22.7%
24.2%
Interest expense
642
0.0
0.0
Pre-tax income
641
392
374
+63.5%
Income tax
-19.0
-26.0
-17.0
Effective tax rate
-3.0%
-6.6%
-4.5%
Net income
509
445
357
+14.5%
Net margin
9.5%
10.4%
9.1%
Diluted EPS
$1.23
$1.01
$0.95
+21.8%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
2,502
2,032
1,787
+23.1%
Capital expenditure
1,741
1,228
874
+41.8%
Free cash flow
761
804
913
-5.3%
Free cash flow margin
14.2%
18.9%
23.3%
Cash from investing
-1,795
-10,494
-1,429
Cash from financing
-733
8,195
-89.0
Depreciation and amortisation
1,528
1,242
1,109
+23.0%
Share-based compensation
103
92.0
79.0
+12.0%
Buybacks
34.0
-23.0
25.0
Dividends paid
1,782
-1,509
1,239
Dividend per share
$4.28
$3.90
$3.61
+9.7%
Diluted shares, weighted
415m
383m
341m
+8.3%
Shares outstanding at period end
415m
406m
361m
+2.1%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
11,571
11,925
7,222
-3.0%
Debt
16,682
16,160
12,171
+3.2%
Operating lease liabilities
0.0
n/a
n/a
Other liabilities
4,532
4,145
3,282
+9.3%
Total liabilities and equity
32,785
32,230
22,675
+1.7%
Fixed assets
13,676
12,933
9,805
+5.7%
Goodwill
10,078
10,021
5,758
+0.6%
Intangible assets
5,516
5,962
3,650
-7.5%
Cash and equivalents
277
314
568
-11.8%
Receivables
501
398
374
+26.0%
Other assets
2,737
2,602
2,521
+5.2%
Total assets
32,785
32,230
22,675
+1.7%
10-K for the year ended 31 December 2018, filed 25 February 2019: the filing.