UPDATE 1-Crown Castle posts wider-than-expected Q3 loss

Tue Nov 3, 2009 5:23pm EST
 
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* Q3 loss $0.13/shr vs loss est $0.04/shr

* Q3 rev $429.1 mln, up 12 pct

* Sees Q4 EPS -$0.05 to $0.02 vs loss est $0.02

* Sees FY 2010 EPS -$0.06 to $0.24 vs est $0.09

Nov 3 (Reuters) - Wireless tower operator Crown Castle International Corp (CCI.N) posted a wider-than-expected quarterly loss, hurt by losses on interest rate swaps.

The company, which rents out antenna space on its towers primarily to wireless carriers under long-term contracts, said its fourth-quarter may range between a loss of 5 cents and a profit of 2 cents a share.

Analysts on average were expecting a fourth-quarter loss, excluding special items, of 2 cents a share, according to Thomson Reuters I/B/E/S.

Crown Castle, which counts wireless carriers such as Sprint Nextel Corp (S.N) and AT&T Inc (T.N) among its customers, posted a net loss of $31.6 million, or 13 cents a share, compared with a loss of $32.2 million, or 13 cents a share, a year ago.

Analysts on average were looking for a loss of 4 cents a share.

Revenue rose 12 percent to $429.1 million, beating analysts' mean view of $419.1 million.

During the quarter, Crown Castle took a charge of $58.3 million from losses on interest rate swaps, the company said in a statement.

Shares of the Houston, Texas-based Crown Castle, closed at $31.59 Tuesday on The New York Stock Exchange. (Reporting by Saqib Iqbal Ahmed in Bangalore; Editing by Pradeep Kurup)

 

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