Crown Castle International Corp. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2015; Reports Asset Write Down Charges for the First Quarter of 2015; Provides Earnings Guidance for the First Quarter Ending March 31, 2016 and Revises Earnings Guidance Full Year Ending December 31, 2016; Provides Asset Write Down Charges Guidance for the First Quarter Ending March 31, 2016 and Full Year Ending December 31, 2016
For the year, net revenues were $3,663,851,000 compared to $3,538,756,000 a year ago. Operating income was $946,180,000 compared to $940,682,000 a year ago. Income from continuing operations before income taxes was $473,829,000 compared to $335,070,000 a year ago. Income from continuing operations was $525,286,000 or $1.44 per diluted share compared to $346,314,000 or $0.91 per basic and diluted share a year ago. Net income was $1,524,335,000 compared to $398,774,000 a year ago. Net income attributable to common stockholders was $1,477,004,000 or $4.42 per diluted share compared to $346,525,000 or $1.04 per basic and diluted share a year ago. Net cash provided by operating activities was $1,794,025,000 compared to $1,600,197,000 a year ago. Capital expenditures were $908,892,000 compared to $758,535,000 a year ago. Adjusted EBITDA was $2,119,183,000 compared to $2,051,257,000 a year ago. FFO was $1,533,069,000 or $4.59 per share compared to $1,288,133,000 or $3.87 per share a year ago. AFFO was $1,436,635,000 or $4.30 per share compared to $1,324,054,000 or $3.97 per share a year ago. Total net debt as at December 31, 2015 was $12,073.9 million. Adjusted total net debt as at December 31, 2015 was $11,969.9 million.
For the quarter, the company reported asset write down charges of $13.8 million compared to $3.6 million a year ago.
For the first quarter of 2016, the company expects site rental revenues in the range of $788 million to $793 million, site rental gross margin in the range of $540 million to $545 million, Adjusted EBITDA in the range of $533 million to $538 million, interest expense and amortization of deferred financing costs in the range of $127 million to $132 million, FFO in the range of $326 million to $331 million, AFFO in the range of $378 million to $383 million, AFFO per share in the range of $1.13 to $1.15, net income in the range of $54 million to $95 million.
For 2016, the company expects site rental revenues in the range of $3,162 million to $3,187 million, site rental gross margin in the range of $2,160 million to $2,185 million, Adjusted EBITDA in the range of $2,168 million to $2,193 million, interest expense and amortization of deferred financing costs in the range of $517 million to $537 million, FFO in the range of $1,411 million to $1,436 million, AFFO in the range of $1,561 million to $1,586 million, AFFO per share in the range of $4.64 to $4.72, net income in the range of $356 million to $463 million. The company previously provided mid-point site rental revenue guidance of $3,165 million, site rental gross margin guidance of $2,166 million, adjusted EBITDA guidance of $2,169 million, AFFO guidance of $1,563 million, AFFO per share guidance of $4.66.
For the first quarter of 2016, the company expects asset write down charges in the range of $4 million to $6 million.
For 2016, the company expects asset write down charges in the range of $15 million to $25 million.