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Sep 30, 2023
Crown Castle Q3 2023 Earnings Report
Reported third quarter results and provided outlook for full year 2024.
Key Takeaways
Crown Castle reported a 1% increase in site rental revenues, reaching $1,577 million, and a net income of $265 million for Q3 2023. The company's full year 2023 outlook remains consistent with expectations of 5% tower organic revenue growth and deployment of 10,000 small cell nodes. The company expects full year 2024 organic growth excluding the impact of Sprint Cancellations of 4.5% from towers, 13% from small cells, based on plans to deliver approximately 14,000 small cell nodes, and 3% from fiber solutions to generate consolidated organic revenue growth of 5%.
Site rental revenues grew by 1% to $1,577 million in Q3 2023, driven by a $53 million Organic Contribution to Site Rental Billings.
Net income for Q3 2023 was $265 million, which included $72 million in restructuring charges.
Adjusted EBITDA for Q3 2023 was $1.05 billion, a decrease compared to $1.08 billion for Q3 2022, primarily due to lower services contribution.
Crown Castle paid common stock dividends of approximately $680 million during the quarter, an increase of 6.5% on a per share basis compared to the same period a year ago.
Revenue by Segment
Forward Guidance
Crown Castle expects full year 2024 organic growth excluding the impact of Sprint Cancellations of 4.5% from towers, 13% from small cells, based on plans to deliver approximately 14,000 small cell nodes, and 3% from fiber solutions to generate consolidated organic revenue growth of 5%. The company plans to deploy discretionary capital, net of prepaid rent additions of $430 million, totaling approximately $1.2 billion which the company expects to fund without issuing equity in 2024.
Positive Outlook
- Expects full year 2024 organic growth excluding the impact of Sprint Cancellations of 4.5% from towers.
- Expects full year 2024 organic growth excluding the impact of Sprint Cancellations of 13% from small cells, based on plans to deliver approximately 14,000 small cell nodes.
- Expects full year 2024 organic growth excluding the impact of Sprint Cancellations of 3% from fiber solutions
- Expects to generate consolidated organic revenue growth of 5%.
- Plans to deploy discretionary capital, net of prepaid rent additions of $430 million, totaling approximately $1.2 billion which the company expects to fund without issuing equity in 2024.
Challenges Ahead
- Expects full year 2024 site rental revenues between $6,347 million and $6,392 million, down from $6,488 million to $6,533 million in the current full year 2023 outlook.
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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