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Dec 31, 2023
Crown Castle Q4 2023 Earnings Report
Crown Castle reported fourth quarter and full year results, and maintained its full year outlook for 2024.
Key Takeaways
Crown Castle delivered 2023 results in line with expectations, with tower organic revenue growth of 5% and fiber solutions revenue growth of approximately 3% in the fourth quarter. The company is focused on delivering on its 2024 Outlook and continuing to serve its customers, while supporting the strategic review of its Fiber business and providing stability through its CEO transition period.
Site rental revenues grew 4% from full year 2022 to full year 2023, inclusive of approximately $361 million in Organic Contribution to Site Rental Billings.
Net income for the full year 2023 was $1.5 billion compared to $1.7 billion for the full year 2022, and included $85 million of charges incurred during the year related to our restructuring plan announced in July 2023.
Full year 2023 Adjusted EBITDA was $4.4 billion compared to $4.3 billion for the full year 2022, representing 2% growth.
Full year 2023 AFFO was $3.3 billion, or $7.55 per share, representing growth from the full year 2022 of 2%.
Revenue by Segment
Forward Guidance
Full year consolidated site rental billings growth, excluding the impact of Sprint Cancellations, is expected to be 5%, inclusive of 4.5% from towers, 13% from small cells, and 3% from fiber solutions.
Positive Outlook
- Full year consolidated site rental billings growth, excluding the impact of Sprint Cancellations, is expected to be 5%.
- Towers site rental billings growth is expected to be 4.5%.
- Small cells site rental billings growth is expected to be 13%.
- Fiber solutions site rental billings growth is expected to be 3%.
- Expected discretionary capital expenditures are $1.5 billion to $1.6 billion.
Challenges Ahead
- Full year 2023 site rental revenues were $21 million above the 2023 Outlook at the midpoint, inclusive of approximately $5 million of higher-than-expected Towers revenue in the fourth quarter not expected to recur in 2024.
- Payments for Sprint Cancellations are non-recurring and therefore reduce full year 2024 Organic Contribution to Site Rental Billings by the same amount.
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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