We use cookies to understand how you use our site and to improve your experience.
This includes personalizing content and advertising.
By pressing "Accept All" or closing out of this banner, you consent to the use of all cookies and similar technologies and the sharing of information they collect with third parties.
You can reject marketing cookies by pressing "Deny Optional," but we still use essential, performance, and functional cookies.
In addition, whether you "Accept All," Deny Optional," click the X or otherwise continue to use the site, you accept our Privacy Policy and Terms of Service, revised from time to time.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
CCI’s total site-rental revenues rose 1% year over year to $1.59 billion in the third quarter of 2024. The figure was higher than our estimate of $1.58 billion. The upside was driven by an increase in fiber segment site rental revenues.
Site-rental revenues in the towers segment declined 1% year over year to $1.06 billion. It was also lower than our estimate of $1.08 billion. The year-over-year decrease was due to lower amortization of prepaid rent and straight-lined revenues.
Site-rental revenues in the fiber segment increased 5.4% year over year to $530 million. It was higher than our estimate of $503.3 million. The rise was mainly due to the increase in site rental billings.
However, services and other revenues came in at $59 million, which plunged 34.4% from the prior-year quarter. However, it was higher than our estimate of $52.8 million.
Cost of Operations Fall
CCI’s quarterly site-rental cost of operations increased 2.4% year over year to $430 million. The figure was higher than our estimate of $421.1 million.
The company reported services and other cost of operations of $30 million in the quarter. It decreased 54.5% from the prior-year quarter. It was slightly lower than our estimate of $30.5 million.
Financial Position
Crown Castle exited the third quarter of 2024 with cash and cash equivalents of $194 million, up from $155 million reported as of June 30, 2024. Moreover, debt and other long-term obligations aggregated $23.45 billion as of Sept. 30, 2024, increasing 2.6% sequentially.
2024 Guidance
Crown Castle maintained its guidance for 2024 AFFO per share in the range of $6.91-$7.02. The Zacks Consensus Estimate is pegged at $6.98, which is within the guided range.
Site rental revenues are expected to be between $6.317-$6.362 billion, while the adjusted EBITDA is estimated to be in the band of $4.143-$4.193 billion.
Crown Castle currently carries a Zacks Rank #2 (Buy).
Upcoming Earnings Releases
We now look forward to the earnings releases of other REITs like Alexandria Real Estate Equities (ARE - Free Report) and Highwoods Properties (HIW - Free Report) , slated to report on Oct. 21 and Oct. 22, respectively. Meanwhile, Cousins Properties (CUZ - Free Report) is scheduled to report on Oct. 24.
The Zacks Consensus Estimate for Highwoods’ third-quarter 2024 FFO per share is pegged at 88 cents, implying a 5.4% year-over-year decrease. HIW currently carries a Zacks Rank #3.
The Zacks Consensus Estimate for Cousins Properties’ third-quarter 2024 FFO per share is pegged at 67 cents, which suggests a year-over-year increase of 3.1%. CUZ currently carries a Zacks Rank #3.
Note: Anything related to earnings presented in this write-up represents funds from operations (FFO), a widely used metric to gauge the performance of REITs.
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
Crown Castle's Q3 AFFO Top Estimates, Site-Rental Revenues Rise
Crown Castle Inc.’s (CCI - Free Report) third-quarter 2024 adjusted funds from operations (AFFO) per share of $1.84 surpassed the Zacks Consensus Estimate of $1.80. Net revenues of $1.65 billion outpaced the Zacks Consensus Estimate of $1.64 billion.
Stay up-to-date with all quarterly releases: See Zacks Earnings Calendar.
AFFO per share reported a 4% increase year over year. However, net revenues fell marginally year over year.
Crown Castle Inc. Price, Consensus and EPS Surprise
Crown Castle Inc. price-consensus-eps-surprise-chart | Crown Castle Inc. Quote
Site-Rental Revenues Increase
CCI’s total site-rental revenues rose 1% year over year to $1.59 billion in the third quarter of 2024. The figure was higher than our estimate of $1.58 billion. The upside was driven by an increase in fiber segment site rental revenues.
Site-rental revenues in the towers segment declined 1% year over year to $1.06 billion. It was also lower than our estimate of $1.08 billion. The year-over-year decrease was due to lower amortization of prepaid rent and straight-lined revenues.
Site-rental revenues in the fiber segment increased 5.4% year over year to $530 million. It was higher than our estimate of $503.3 million. The rise was mainly due to the increase in site rental billings.
However, services and other revenues came in at $59 million, which plunged 34.4% from the prior-year quarter. However, it was higher than our estimate of $52.8 million.
Cost of Operations Fall
CCI’s quarterly site-rental cost of operations increased 2.4% year over year to $430 million. The figure was higher than our estimate of $421.1 million.
The company reported services and other cost of operations of $30 million in the quarter. It decreased 54.5% from the prior-year quarter. It was slightly lower than our estimate of $30.5 million.
Financial Position
Crown Castle exited the third quarter of 2024 with cash and cash equivalents of $194 million, up from $155 million reported as of June 30, 2024. Moreover, debt and other long-term obligations aggregated $23.45 billion as of Sept. 30, 2024, increasing 2.6% sequentially.
2024 Guidance
Crown Castle maintained its guidance for 2024 AFFO per share in the range of $6.91-$7.02. The Zacks Consensus Estimate is pegged at $6.98, which is within the guided range.
Site rental revenues are expected to be between $6.317-$6.362 billion, while the adjusted EBITDA is estimated to be in the band of $4.143-$4.193 billion.
Crown Castle currently carries a Zacks Rank #2 (Buy).
Upcoming Earnings Releases
We now look forward to the earnings releases of other REITs like Alexandria Real Estate Equities (ARE - Free Report) and Highwoods Properties (HIW - Free Report) , slated to report on Oct. 21 and Oct. 22, respectively. Meanwhile, Cousins Properties (CUZ - Free Report) is scheduled to report on Oct. 24.
The Zacks Consensus Estimate for Alexandria’s third-quarter 2024 FFO per share stands at $2.38, indicating a 5.3% rise year over year. ARE currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The Zacks Consensus Estimate for Highwoods’ third-quarter 2024 FFO per share is pegged at 88 cents, implying a 5.4% year-over-year decrease. HIW currently carries a Zacks Rank #3.
The Zacks Consensus Estimate for Cousins Properties’ third-quarter 2024 FFO per share is pegged at 67 cents, which suggests a year-over-year increase of 3.1%. CUZ currently carries a Zacks Rank #3.
Note: Anything related to earnings presented in this write-up represents funds from operations (FFO), a widely used metric to gauge the performance of REITs.