Crown Castle Inc. (CCI) reported first-quarter 2024 adjusted funds from operations (AFFO) per share of $1.72, outpacing the Zacks Consensus Estimate by a penny. However, the reported figure declined 9.9% from the year-ago quarter.Results reflect better-than-anticipated revenues. 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 $1.64 billion, too, beat the Zacks Consensus Estimate of ...

Crown Castle Inc.’s (CCI) first-quarter 2024 adjusted funds from operations (AFFO) per share of $1.72 surpassed the Zacks Consensus Estimate of $1.71. Net revenues of $1.64 billion outpaced the Zacks Consensus Estimate of $1.63 billion.However, AFFO per share reported a 9.9% decline year over year. Net revenues fell 7.4% year over year.Site-Rental Revenues DecreaseCCI’s total site-rental revenues fell 2.2% year over year to $1.59 billion in the first quarter of 2024. The figure was higher than our estimate ...

Financial Data and Key Metrics Changes - The company reported a year-over-year decrease in site rental revenues, adjusted EBITDA, and AFFO due to non-cash and one-time items, including a $50 million reduction in site rental revenues related to Sprint cancellations and a combined $54 million reduction in non-cash items [48][49] - The company ended the quarter with approximately $6 billion of availability under its revolving credit facility and only $2 billion of debt maturities occurring through 2025, indicating strong liquidity [25] Business Line Data and Key Metrics Changes - The company achieved 5% organic growth in the first quarter, consisting of 4.6% growth from towers, 16% growth from small cells, and 2% growth from fiber solutions [95] - The expected organic contribution to full year site rental billings remains unchanged with consolidated organic growth of 2% or 5% exclusive of the impact from Sprint cancellations [89] Market Data and Key Metrics Changes - The company anticipates 16,000 new billable nodes in small cells for 2024, up from 8,000 nodes in 2023, reflecting a significant increase in market activity [89] - The company noted that the first half of 2024 is expected to be the low point for AFFO per share, with growth anticipated in the second half [69] Company Strategy and Development Direction - The strategic review of the fiber business is a top priority, with the goal of enhancing and unlocking shareholder value [20][42] - The company is open to various transaction structures regarding the fiber business, including potential sales of partial stakes [90][102] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the long-term future of communications infrastructure needs and the U.S. market's potential [44][46] - The new CEO emphasized the importance of operational efficiency and enhancing customer service to improve performance and capture market share [46][99] Other Important Information - The company has engaged with multiple parties interested in potential transactions involving its fiber business, indicating ongoing strategic discussions [42] - The company has made substantial progress on its strategic and operational review of the fiber business [100] Q&A Session All Questions and Answers Question: Insights from Shareholders and Fiber Strategic Review - Management indicated that shareholders generally support the strategic review of the fiber business, but opinions vary on the definitive direction [54] Question: Dividend Philosophy and Future Growth - The board recognizes the importance of dividends to investors and supports maintaining a strong balance sheet to support future dividend growth [36] Question: Timing for Strategic Review Updates - Management stated that while progress has been made, no specific timeline for updates can be provided [55] Question: Core Business Momentum and Future Guidance - Management reiterated that they expect to remain within the previously provided guidance range for the year, with no significant changes anticipated [60] Question: Cost Optimization Efforts - Management confirmed ongoing efforts to find additional cost savings, with no specific plans announced at this time [61] Question: Separation of Small Cell and Fiber Solutions - Management acknowledged that separating the small cell business from the fiber solutions business is feasible and could provide more alternatives [78] Question: Carrier Activity and 5G Upgrades - Management noted that while 5G upgrades are ongoing, predicting the exact timing for densification efforts remains challenging [82] Question: Impact of Strategic Review on Customer Behavior - Management reported no material changes in customer behavior or pacing due to the strategic review [131] Question: Discretionary Capital Expenditure Commitments - Management confirmed that long-term commitments based on contracts will be honored, and guidance for 2024 remains unchanged [142] Question: Future Strategy Post-Fiber Review - Management clarified that the current strategic review is focused solely on the fiber business, with future strategies to be determined later [146]

| --- | --- | |--------------------------|-------------------------------------------------------------------------------| | | | | | | | April 17, 2024 | | | First Quarter 2024 | | | Earnings Conference Call | | | | 1 First Quarter 2024 Earnings Conference Call The pathway to possible. PAGE | This presentation contains forward-looking statements and information ("Forward-Looking Statements") that are based on our management's current expectations. Statements that are not historical facts are hereby identifi ...

Crown Castle (CCI) reported $1.64 billion in revenue for the quarter ended March 2024, representing a year-over-year decline of 7.5%. EPS of $1.72 for the same period compares to $0.97 a year ago.The reported revenue represents a surprise of +0.78% over the Zacks Consensus Estimate of $1.63 billion. With the consensus EPS estimate being $1.71, the EPS surprise was +0.58%.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine the ...

Crown Castle (CCI) came out with quarterly funds from operations (FFO) of $1.72 per share, beating the Zacks Consensus Estimate of $1.71 per share. This compares to FFO of $1.91 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an FFO surprise of 0.58%. A quarter ago, it was expected that this operator of wireless communications towers would post FFO of $1.79 per share when it actually produced FFO of $1.82, delivering a surprise of 1.68%.Over the last ...

Financial Performance Metrics - Net Debt to Last Quarter Annualized Adjusted EBITDA is a key metric for assessing leverage, but should be viewed as a supplement to GAAP measures[1] - Consolidated Return on Invested Capital and Segment Cash Yield on Invested Capital are important for evaluating asset performance and capital allocation efficiency[1] - The company emphasizes the importance of understanding non-GAAP metrics as supplements to GAAP measures for a comprehensive view of financial performance[1] - The company maintains a BBB+ long-term issuer default rating from Fitch[34] - The company has a market capitalization of $45,985 million and a firm value of $69,262 million[80] - The company maintains a total net leverage ratio of 5.3x, below the covenant requirement of ≤ 6.50x[87] - The debt service coverage ratio for the 2015 Tower Revenue Notes is reported at 17.8x, significantly above the required minimum of > 1.75x[87] - The weighted average interest rate reflects a reduction in the interest rate spread due to meeting specified sustainability targets[65] - The company reported a cash yield on invested capital of 12.8% for Q1 2024, up from 12.2% in Q1 2023[121] Revenue Projections - Site rental billings for the prior year totaled $5,675 million, with core leasing activity projected to contribute between $305 million and $335 million in 2024[22] - Total site rental revenues are expected to range from $6,347 million to $6,392 million for the full year 2024, reflecting a year-over-year decline of 2.5%[22] - Full Year 2024 site rental billings are projected to be between $5,740 million and $5,780 million[40] - Site rental revenues for Full Year 2024 are expected to range from $6,347 million to $6,392 million[40] - The company anticipates escalators to contribute between $95 million and $105 million to site rental revenues in 2024[22] - Projected site rental revenues for the remaining nine months of 2024 are estimated at $4,685 million[51] - Total site rental revenues for Q1 2024 were $1,588 million, compared to $1,728 million in Q1 2023[71] - Total site rental revenues for Q1 2024 were $383 million, a 10.7% increase compared to the prior year[108] - Total segment revenues for Q1 2024 were $1,641 million, a decline of 7.4% compared to $1,773 million in Q1 2023[167] Adjusted EBITDA and Income - Adjusted EBITDA for Full Year 2024 is forecasted to be between $4,138 million and $4,188 million[40] - Adjusted EBITDA for Q1 2024 is projected at $1,036 million, down from $1,076 million in Q4 2023[43] - The company expects adjusted EBITDA for the full year 2024 to be between $4,138 million and $4,188 million[149] - Net income for Q1 2024 was $311 million, down from $418 million in Q1 2023, representing a decrease of 25.6%[137] - The company reported a basic net income per share of $0.72 for Q1 2024, compared to $0.97 in Q1 2023, a decline of 25.8%[137] Capital Expenditures - Total discretionary capital expenditures for Q1 2024 are expected to be $298 million, down from $329 million in Q4 2023[46] - Capital expenditures for Q1 2024 were $320 million, a decrease from $341 million in Q1 2023[165] - The company anticipates sustaining capital expenditures to be in the range of $(85) million to $(65) million for full year 2024[189] - Total capital expenditures for Q1 2024 were $273 million, with capital expenditures less prepaid rent additions at $217 million[104] Debt and Obligations - Total secured debt amounts to $1,775 million with a debt to LQA adjusted EBITDA ratio of 0.4x[80] - Total unsecured debt is reported at $21,800 million, with a net debt of $23,277 million and a net debt to adjusted EBITDA ratio of 5.6x[87] - Total debt and other obligations amount to $23,414 million as of March 31, 2024[190] - Net Debt stands at $23,277 million after accounting for cash and cash equivalents[190] Operational Highlights - The company operates over 40,000 towers and approximately 115,000 small cells across the U.S.[31] - The strategy focuses on maximizing recurring site rental cash flows and returning cash to stockholders through dividends[32] - The company aims to invest in new communications infrastructure to generate future cash flow growth[32] - The number of towers increased to 40,023, with 28,304 leased and 11,719 owned[99] - The average number of tenants per tower is 2.5, with 40,000 towers in total[121] Sprint Cancellations Impact - Payments for Sprint cancellations are expected to decrease from $(170) million to $(160) million in 2024[22] - The company anticipates receiving approximately $3 million in payments for Sprint Cancellations related to fiber solutions in Q1 2024[42] - Payments for Sprint Cancellations in Q1 2024 amounted to 44 million, a decrease from 106 million in the previous year[72] - The company received $66 million in non-recurring payments associated with Sprint Cancellations in 2023, impacting future revenue projections[157] Non-Renewals and Organic Contributions - Non-renewals are projected to impact revenues negatively, with estimates ranging from $(165) million to $(145) million[22] - Organic Contribution to Site Rental Billings adjusted for Sprint Cancellations was 68 million, reflecting a year-over-year increase[71] - Organic contribution to site rental billings adjusted for the impact of Sprint cancellations was $34 million, reflecting a year-over-year change of (3.6)%[108] - The company experienced a non-renewal rate of (29) for Q1 2024, consistent with previous quarters[108] Cash Flow and Liquidity - Net cash provided by operating activities was $599 million, slightly down from $606 million in Q1 2023[165] - Cash and cash equivalents increased to $125 million in Q1 2024 from $105 million in Q4 2023[161] - Cash and cash equivalents at the end of the period were $298 million, down from $388 million at the end of Q1 2023[165] - Interest paid in Q1 2024 was $282 million, an increase from $249 million in Q1 2023[165]

HOUSTON, April 17, 2024 (GLOBE NEWSWIRE) -- Crown Castle Inc. (NYSE:CCI) ("Crown Castle") today reported results for the first quarter ended March 31, 2024 and maintained its full year 2024 outlook, as reflected in the table below. (dollars in millions, except per share amounts)Current Full Year 2024 Outlook(a)Full Year 2023 ActualChange% ChangeSite rental revenues$6,370$6,532$(162)(2)%Net income (loss)$1,253$1,502$(249)(17)%Net income (loss) per share—diluted$2.88$3.46$(0.58)(17)%Adjusted EBITDA(b)$4,163$4 ...

Crown Castle Inc. (CCI) is scheduled to release first-quarter 2024 results on Apr 17, after the closing bell. In anticipation of the announcement, industry analysts and investors are eager to assess the company's performance and prospects in the current economic climate.In the last reported quarter, this Houston, TX-based real estate investment trust’s (REIT) adjusted funds from operations (FFO) per share outpaced the Zacks Consensus Estimate by 1.68%. Results reflected better-than-anticipated revenues aide ...

This is the Second Time the Board's Actions Have Presented a "Colorable Claim" Under Delaware Law Crown Castle's Board of Directors Have ShownBlatant and Cynical Disregard for Shareholders and the Delaware Court Actions Highlight Years of Governance and Strategic Blunders That Have Cost Shareholders Tens of Billions of Dollars in Value Court of Chancery Grants Discovery to Boots Capital Management to Investigate Whether Crown Castle Had "Legitimate Corporate Purpose" to Expand Board from 12 to 13 Seats Co ...