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Jun 30, 2021
Crown Castle Q2 2021 Earnings Report
Crown Castle's Q2 2021 results were reported, and the outlook for full year 2021 was raised.
Key Takeaways
Crown Castle reported a solid second quarter, driven by a robust 5G leasing environment. The company increased its full year 2021 outlook for AFFO per share growth to 12%.
Site rental revenues grew 8% compared to Q2 2020, including $70 million in Organic Contribution to Site Rental Revenues.
Income from continuing operations was $333 million, compared to $200 million for the second quarter 2020.
AFFO per share was $1.71, representing 18% growth compared to $1.45 for the second quarter 2020.
Capital expenditures were $308 million, including $19 million of sustaining capital expenditures and $289 million of discretionary capital expenditures.
Revenue by Segment
Forward Guidance
Crown Castle provided its full year 2021 outlook.
Positive Outlook
- Site rental revenues are expected to be between $5,677 million and $5,722 million.
- Income from continuing operations is projected to be between $1,074 million and $1,154 million.
- Adjusted EBITDA is anticipated to be between $3,764 million and $3,809 million.
- AFFO is forecasted to be between $2,943 million and $2,988 million.
- AFFO per share is expected to be between $6.78 and $6.89.
Challenges Ahead
- Site rental cost of operations is expected to be between $1,538 million and $1,583 million.
- Interest expense and amortization of deferred financing costs are projected to be between $633 million and $678 million.
- The company now expects to deploy approximately 5,000 small cells in 2021 compared to prior expectations of approximately 10,000 small cells.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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