Crown Castle To Implement Changes To Operating Plans; Updates 2024 Outlook

(RTTNews) - Crown Castle Inc. (CCI) said the company now expects 2024 AFFO per share in a range of $6.91 to $7.02, an increase of $0.06 to midpoint from prior guidance. The company projects site rental revenues in a range of $6.32 billion to $6.36 billion, revised from prior outlook of $6.37 billion.

The company also announced plans to enhance operational performance. Crown Castle expects to reduce gross capital expenditures in its Fiber segment by $275 million to $325 million in 2024 and is reducing staffing levels by more than 10% from current levels. The company expects approximately $100 million of annualized run-rate operating cost savings, approximately $60 million of which is expected to benefit full year 2024 results.

The company expects the operational changes, in combination with other delays in delivering some in-process small cell projects, to result in a reduction of 3,000 to 5,000 new revenue-generating small cell nodes in 2024 and a reduction in new leasing activity of approximately $15 million in the year.