Crown Castle Inc. (NYSE: CCI) yesterday reported results for the second quarter ended June 30, 2024 and maintained its midpoint full year 2024 outlook. Half way through the year, the company expects full-year 2024 site rental revenues of $6.34 billion, down three percent from $6.53 billion for 2023, Adjusted EBITDA of $4.17 billion, a down six percent YoY, and AFFO of $3.03 billion, down eight percent from $3.3 billion in 2023.
“Our second quarter results demonstrated the durability and consistency of Crown Castle’s business, and we remain on track to deliver our full year outlook for organic revenue growth of 4.5 percent in towers, 2 percent in fiber solutions, and double digits in small cells, adjusted for the impact of Sprint Cancellations,” said Steven Moskowitz, Crown Castle’s Chief Executive Officer.
“In the Fiber segment, we announced and implemented changes in the second quarter to improve the investment outcomes on capital being spent on small cell anchor builds and fiber solutions opportunities. Through a comprehensive review of customer needs, we are finding solutions that utilize more of our existing fiber network, enabling us to limit new greenfield investments,” Moskowitz added.
“In response to this change in our operating plans, we reduced our staffing levels and field office locations, which is expected to result in approximately $100 million of annualized run-rate operating cost savings. Moving forward, we are focused on continuing to progress the Fiber segment strategic review, which remains active and ongoing, while delivering solid financial and operating results across our tower, small cell, and fiber solutions businesses.”
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