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Mar 31, 2023
Crown Castle Q1 2023 Earnings Report
Crown Castle's first quarter earnings were reported, and the full-year 2023 outlook was maintained.
Key Takeaways
Crown Castle reported first quarter results, showing growth in site rental revenues and maintained its full year 2023 outlook. The company is benefiting from the growth in demand for connectivity and the development of 5G.
Site rental revenues grew by 3% compared to Q1 2022.
Organic Contribution to Site Rental Billings grew by 6.4%, or 2.9% when adjusted for the impact of Sprint Cancellations.
Capital expenditures for the quarter were $341 million, with $272 million attributable to Fiber and $48 million attributable to Towers.
The company paid common stock dividends of approximately $686 million, or $1.565 per common share, an increase of 6.5% year-over-year.
Crown Castle
Crown Castle
Crown Castle Revenue by Segment
Revenue by Segment
Site Rental Revenue
CapyFin.comServices and Other Revenue
CapyFin.com Forward Guidance
Crown Castle maintained its full year 2023 Outlook, which remains unchanged from the previous full year 2023 Outlook.
Positive Outlook
- Site rental billings are projected to be between $5,631 million and $5,671 million.
- Site rental revenues are projected to be between $6,488 million and $6,533 million.
- Net income is projected to be between $1,596 million and $1,676 million.
- Adjusted EBITDA is projected to be between $4,449 million and $4,494 million.
- AFFO per share is projected to be between $7.58 and $7.68.
Challenges Ahead
- The impact to full year 2023 Outlook from the previously announced Sprint Cancellations remains unchanged.
- Cash payments of approximately $165 million to satisfy the remaining rental obligations of canceled Sprint leases.
- Non-renewals of approximately $30 million.
- Dividend growth in 2024 and 2025 to be less than our 7% to 8% target.
- The projected consolidated growth of approximately 4% includes approximately 5% from towers, approximately 8% from small cells and flat fiber solutions revenue.
Revenue & Expenses
Visualization of income flow from segment revenue to net income