Crown Castle International · Q2 2020 earnings

Briefing

Reported solid results that were in line with expectations as business continues to perform well during this period of unprecedented uncertainty.

Crown Castle International Corp. reported results for the second quarter ended June 30, 2020 and maintained its full year 2020 Outlook, with the exception of a reduction to net income. Site rental revenues grew approximately 4.4%, or $56 million, from second quarter 2019 to second quarter 2020.

• Site rental revenues grew approximately 4.4%, or $56 million, from second quarter 2019 to second quarter 2020, inclusive of approximately $69 million in Organic Contribution to Site Rental Revenues and a $13 million decrease in straight-lined revenues.
• Capital expenditures during the quarter were $414 million, comprised of $24 million of sustaining capital expenditures and $390 million of discretionary capital expenditures.
• During the quarter, Crown Castle paid common stock dividends of approximately $500 million in the aggregate, or $1.20 per common share, an increase of approximately 7% on a per share basis compared to the same period a year ago.
• In June, Crown Castle issued $2.5 billion in aggregate principal amount of senior unsecured notes, with a combination of 5-year, 10-year and 30-year maturities, resulting in a weighted average maturity and coupon of 16 years and approximately 2.4%, respectively.

Headline financials

Revenue & EPS history

Crown Castle's current Outlook for full year 2020, which remains unchanged from the previous full year 2020 Outlook with the exception of a reduction to net income due to the $95 million loss on the retirement of debt in July