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Crown Castle Mixed 1st Q Results

Crown Castle International reported mixed results for the first quarter of 2021.  While site rental revenues grew 5 percent, net income was down from $185 million in the first quarter of 2020 to $121million in the first quarter of 2021. Expenditures were reported to be $302 million, with $225 million of discretionary spending attributed to Fiber and about $49 million attributed to towers. 

Optimistic About Revenue Growth

As 5G deployment continues to scale, Crown Castle is optimistic about revenue growth throughout 2021. 

“We believe we are well positioned to support our growing number of customers by providing a comprehensive set of solutions across towers, small cells and fiber solutions,” which are all necessary to build out 5G wireless networks. Looking forward, we believe we are in a great position to deliver on our long-term annual dividend growth target of 7 percent to 8 percent,”  Dan Schlanger, Crown Castle’s Chief Financial Officer, said.

Report Highlights

  • Site rental revenues. Site rental revenues grew 5%, or $59 million, from first quarter 2020 to first quarter 2021.
  • Net income. Net income for the first quarter 2021 was $121 million compared to $185 million for the first quarter 2020 reflecting a loss of $143 million due to the retirement of long-term obligations in first quarter 2021 refinancing activities.
  • AFFO per share. AFFO per share for the first quarter 2021 increased by 20% – coming in at $1.71 compared to $1.42 for the first quarter 2020.
  • Capital Expenditures. Capital expenditures during the quarter were comprised of $17 million of sustaining capital expenditures and $285 million of discretionary capital expenditures. 
  • Common stock dividend. Crown Castle paid common stock dividends of approximately $1.33 per common share, an increase of approximately 11% on a compared to the same period in 2020.
  • Financing Activities. During the quarter, Crown Castle issued $3.25 billion in senior unsecured notes. Net proceeds were used to redeem all of the outstanding 5.25% Senior Notes, repay a portion of outstanding borrowings (2016 Term Loan A) and repay a portion of outstanding commercial paper notes.

As Crown Castle International moves forward this year, expect them to expand their efforts to increase site rental revenues by contracting new towers and renegotiate existing leases.  

If Crown Castle International approaches you, don’t sign any documents before you contact us. Our experts can help you negotiate the best deal possible. Call Vertical Consultants at 877-456-7552 for your free consultation.