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Crown Castle
🇺🇸 NYSE:CCI
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Jun 30, 2022

Crown Castle Q2 2022 Earnings Report

Reported second quarter results and updated outlook for full year 2022.

Key Takeaways

Crown Castle International Corp. reported a solid quarter of growth in the second quarter of 2022, increasing operating expectations for the full year. The company is supporting customers upgrading existing cell sites and deploying new sites as part of the 5G build out.

Site rental revenues grew 10% from second quarter 2021 to second quarter 2022.

Income from continuing operations for the second quarter 2022 was $421 million compared to $333 million for the second quarter 2021.

Second quarter 2022 Adjusted EBITDA was $1.1 billion compared to $958 million for the second quarter 2021, representing 13% growth.

Second quarter 2022 AFFO was $783 million, or $1.80 per share, representing growth from the second quarter 2021 of 6% and 5%, respectively.

Total Revenue
$1.73B
Previous year: $1.58B
+9.5%
EPS
$1.8
Previous year: $1.71
+5.3%
Total Towers
40K
Previous year: 40K
+0.0%
Route Miles of Fiber
85K
Previous year: 80K
+6.3%
Gross Profit
$1.22B
Previous year: $1.09B
+12.0%
Cash and Equivalents
$281M
Previous year: $339M
-17.1%
Total Assets
$39B
Previous year: $39B
+0.1%

Crown Castle

Crown Castle

Crown Castle Revenue by Segment

Forward Guidance

Full year 2022 Outlook reflects a $20 million increase in expected services contribution. The full year 2022 Outlook for AFFO is unchanged, with the $20 million increase to the Outlook for Adjusted EBITDA combined with $25 million in lower expected sustaining capital expenditures and cash taxes offset by a $45 million increase to the expected full year interest expense resulting from higher expected interest rates.

Positive Outlook

  • Site rental revenues between $6,242 million and $6,287 million
  • Adjusted EBITDA between $4,329 million and $4,374 million
  • FFO between $3,343 million and $3,388 million
  • AFFO between $3,178 million and $3,223 million
  • AFFO per share between $7.31 and $7.41

Challenges Ahead

  • Income (loss) from continuing operations between $1,654 million and $1,734 million
  • Site rental costs of operations between $1,548 million and $1,593 million
  • Interest expense and amortization of deferred financing costs between $680 million and $725 million
  • Lower expected sustaining capital expenditures
  • Increase to the expected full year interest expense resulting from higher expected interest rates

Revenue & Expenses

Visualization of income flow from segment revenue to net income

Company Overview

Full financial data and analysis

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