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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.
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 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.
- The decrease in small cell deployments is attributable to customer priorities, zoning and permitting challenges, and the Sprint Cancellation.
- The company expects to deploy a similar number of small cell nodes in 2022 as in 2021.
Revenue & Expenses
Visualization of income flow from segment revenue to net income