Crown Castle raises FY24 AFFO guidance to $6.91 to $7.02, consensus $6.92

Crown Castle announces 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.