Crown Castle Sees FY24 AFFO $6.91-$7.02 Per Share

Author: Benzinga Newsdesk | June 11, 2024 09:44am

OUTLOOK

This Outlook section contains forward-looking statements, and actual results may differ materially. Information regarding potential risks which could cause actual results to differ from the forward-looking statements herein is set forth below and in Crown Castle's filings with the SEC.

The following table sets forth Crown Castle's current full year 2024 Outlook, which includes the following key changes from the previous outlook issued on April 17:

A $30 million decrease to site rental revenues, including a $30 million decrease to non-cash items. Site rental billings remains unchanged as a $25 million decrease to recurring revenues from lower fiber solutions and small cell activity is offset by a $25 million increase in small cell non-recurring revenues primarily related to early termination payments.
A $95 million decrease to net income, primarily reflecting approximately $110 million of restructuring charges related to staffing reductions and office closures.
A $5 million increase to Adjusted EBITDA as the $30 million reduction to site rental revenues and approximately $25 million of advisory fees primarily related to the recent proxy contest are more than offset by a $60 million decrease in costs generated by staffing reductions and office closures.
A $25 million increase to AFFO, which benefits from a $7 million reduction to interest expense driven by a $225 million reduction to 2024 capital expenditures less prepaid rent additions.

(in millions, except per share amounts)	Full Year 2024 Outlook(a)(b)			Changes to Midpoint from Previous Outlook(c)
Site rental billings(d)	$5,740	to	$5,780	$—
Amortization of prepaid rent	$392	to	$417	($18)
Straight-lined revenues	$162	to	$187	($13)
Site rental revenues	$6,317	to	$6,362	($30)
Site rental costs of operations(e)	$1,686	to	$1,731	$—
Services and other gross margin	$65	to	$95	$—
Net income (loss)	$1,125	to	$1,190	($95)
Net income (loss) per share—diluted	$2.59	to	$2.74	($0.21)
Adjusted EBITDA(f)	$4,143	to	$4,193	$5
Depreciation, amortization and accretion	$1,680	to	$1,775	$—
Interest expense and amortization of deferred financing costs, net(g)	$926	to	$971	($7)
FFO(f)	$2,863	to	$2,893	($96)
AFFO(f)	$3,005	to	$3,055	$25
AFFO per share(f)	$6.91	to	$7.02	$0.06
Towers Segment discretionary capital expenditures(f)	$180	to	$180	$—
Fiber Segment discretionary capital expenditures(f)	$1,050	to	$1,150	($300)