5G cellular communications tower over building in city Kanok Sulaiman/Moment via Getty Images “Restoring the Castle” was the title of a 50-page presentation activist investor, Elliott Investment Management L.P., sent to communication infrastructure REIT Crown Castle (NYSE:CCI) last November. The reference to 'restoration' is understandable given the REIT's 50% price decline from its peak in December of 2021. A week after the presentation was made public, Crown Castle's stock price had appreciated 14.5%. C ...

Crown Castle’s (CCI) portfolio of wireless communication infrastructure assets in the United States positions it well to benefit from the high capital spending by wireless carriers to deploy 4G and 5G networks amid incremental customer demand, a rise in mobile data usage and spectrum availability. However, customer concentration and consolidation in the wireless industry are key concerns for the company. High interest rates add to its woes.What’s Aiding It?The exponential growth in mobile data usage, higher ...

Highly specialized real estate investment trust (REIT) Crown Castle (CCI 4.97%) was a highly sought-after stock Thursday. It closed 5% higher on the day thanks to a very solid set of quarterly earnings figures.As we all know, investors sometimes overreact to company news that is either sharply negative or highly positive. The post-earnings pop in this case, however, was an entirely appropriate reward.Crowning achievementsAfter market hours Wednesday, Crown Castle called in with its fourth-quarter numbers. A ...

HOUSTON, Jan. 25, 2024 (GLOBE NEWSWIRE) -- Crown Castle Inc. (NYSE:CCI) ("Crown Castle") announced today certain year-end tax reporting information for its 2023 distributions. The following table summarizes, for income tax purposes, the nature of distributions paid to holders of Crown Castle Common Stock, par value $.01 per share ("Common Stock"), presented on a per share basis, during the calendar year ended December 31, 2023. Stockholders are encouraged to consult with their tax advisors as to their speci ...

Financial Data and Key Metrics Changes - For the full year 2023, site rental revenues grew by 4%, including $212 million of core organic growth, despite a $100 million decrease in services margin year-over-year due to a slowdown in tower activity [8][19] - The 2024 outlook indicates year-over-year declines in site rental revenues of $160 million or 2%, adjusted EBITDA of $250 million or 6%, and AFFO of $270 million or 8% [9][40] - Normalized for certain impacts, site rental revenues, adjusted EBITDA, and AFFO would show year-over-year growth of 4%, 5%, and 3% respectively [9] Business Line Data and Key Metrics Changes - Tower organic growth was 5% in 2023, supported by long-term agreements with major customers, while small cell growth was 6% with 8,000 new nodes added [8] - Fiber solutions revenue remained flat in 2023, but a return to 3% organic growth is expected in 2024 [20][41] Market Data and Key Metrics Changes - The company anticipates continued strong demand for small cells driven by 5G densification, with expectations of delivering 16,000 new nodes in 2024 [40][41] - The overall market remains stable, with a forecast of 5% average tower growth through 2027, with 75% of that growth already contracted [77] Company Strategy and Development Direction - The company is focused on maximizing shareholder value through a strategic fiber review and evaluating alternatives [4][38] - Leadership changes aim to enhance focus on generating returns in each business segment, with a commitment to operational performance [5][16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving financial and operational goals for 2024, despite challenges in the operating environment [4][15] - The company remains optimistic about growth driven by increasing data demand and network densification [22][40] Other Important Information - The company has strengthened its Board with the addition of three new directors, bringing valuable experience [37] - The CEO search committee and fiber review committee are actively working to determine the best path forward for the company [38][74] Q&A Session All Questions and Answers Question: What is the expected shape of densification and the current leasing environment? - Management indicated that the densification process is expected to be non-lumpy over time, but it is difficult to speculate on exact progress [25] Question: What is the status of discretionary CapEx and its commitment? - Most small cell CapEx is committed due to customer obligations, but the strategic review may influence future capital allocation [27] Question: How should we think about disconnected nodes in 2023 and 2024? - The company churned about 5,000 small cells in 2023, with no significant churn anticipated in 2024 [33] Question: What is the timeline for the strategic review and CEO search? - The process is underway, but no specific timeline can be provided at this point [86] Question: How does the company view capital allocation and leverage? - The target leverage is around 5x debt to EBITDA, with plans to manage capital effectively to return to this level over time [118]

| --- | --- | |----------------------------------------------|--------------------------------------------------------------------------------| | | | | | | | January 25, 2024 | | | Fourth Quarter 2023 Earnings Conference Call | | | | 1 Fourth Quarter 2023 Earnings Conference Call The pathway to possible. PAGE | Cautionary Language This presentation contains forward-looking statements and information ("Forward-Looking Statements") that are based on our management's current expectations. Statements that are n ...

Shares of Crown Castle (CCI 4.26%), a real estate investment trust (REIT) that is one of the largest owners and operators of cellphone towers, were moving higher after the company pleased investors with its fourth-quarter earnings report, topping estimates on the top and bottom lines.As of 12:47 p.m. ET, the stock was up 3.4%. Crown Castle tops a low barCrown Castle's business shrank in the quarter, with revenue down 5% to $1.67 billion, ahead of estimates of $1.65 billion. That decline was attributable to ...

Crown Castle Inc. (CCI) reported fourth-quarter 2023 adjusted funds from operations (AFFO) per share of $1.82, outpacing the Zacks Consensus Estimate of $1.79. However, the reported figure declined 1.6% from the year-ago quarter.Results reflect better-than-anticipated revenues aided by healthy site-rental revenue growth. However, higher interest expense on debt obligations and lower contributions from adjusted EBITDA were undermining factors. CCI maintained its outlook for 2024.Net revenues of $1.67 billion ...

Crown Castle Inc.’s (CCI) fourth-quarter 2023 adjusted funds from operations (AFFO) per share of $1.82 surpassed the Zacks Consensus Estimate of $1.79. Net revenues of $1.67 billion, outpaced the Zacks Consensus Estimate of $1.65 billion.However, AFFO per share reported a 1.6% decline year over year. Net revenues fell 5.1% year over year.For 2023, Crown Castle reported AFFO per share of $7.55, beating the Zacks Consensus Estimate of $7.52. Moreover, the figure increased 2.3% from the prior year’s $7.38. Net ...

For the quarter ended December 2023, Crown Castle (CCI) reported revenue of $1.67 billion, down 5.1% over the same period last year. EPS came in at $1.82, compared to $0.95 in the year-ago quarter.The reported revenue represents a surprise of +1.56% over the Zacks Consensus Estimate of $1.65 billion. With the consensus EPS estimate being $1.79, the EPS surprise was +1.68%.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine th ...