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Mar 31, 2024
Crown Castle Q1 2024 Earnings Report
Crown Castle reported solid financial and operating results in Q1 2024, maintaining its full year 2024 outlook.
Key Takeaways
Crown Castle reported a decrease in net income and site rental revenues for the first quarter of 2024 compared to the same period in 2023, but remains on track to meet its full year 2024 outlook. The company delivered 5.0% consolidated core organic growth.
Site rental revenues declined by 2% year-over-year, with growth in Organic Contribution to Site Rental Billings offset by decreases in straight-lined revenues and amortization of prepaid rent.
Net income decreased to $311 million, compared to $418 million in the first quarter of 2023.
Adjusted EBITDA decreased to $1.04 billion, primarily due to lower contribution from site rental revenues and lower services contribution.
AFFO decreased to $749 million, or $1.72 per share, due to lower Adjusted EBITDA and higher interest expense.
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 maintains its full year 2024 Outlook as issued on April 17, 2024 and unchanged from previous full year 2024 Outlook issued on January 24, 2024.
Positive Outlook
- Full year consolidated site rental billings growth, excluding the impact of Sprint Cancellations, is expected to be 5%.
- Growth of 4.5% from towers is expected.
- Growth of 13% from small cells is expected.
- Growth of 3% from fiber solutions is expected.
- Expected discretionary capital expenditures are $1.5 billion to $1.6 billion, including approximately $1.4 billion in the Fiber segment and $180 million in the Towers segment.
Challenges Ahead
- Site rental revenues as a percentage of prior year site rental revenues is expected to be (2.5)%.
- Organic Contribution to Site Rental Billings as a percentage of prior year site rental billings is expected to be 1.6%.
- Payments for Sprint Cancellations are non-recurring and reduce full year 2024 Organic Contribution to Site Rental Billings.
- Full year 2024 net income (loss) is expected to be between $1,213 million to $1,293 million.
- Full year 2024 AFFO per share is expected to be between $6.85 to $6.97.
Revenue & Expenses
Visualization of income flow from segment revenue to net income