NYSE$CCI
Crown Castle International · Q3 2022 earnings
Q3 2022 earnings · · Investor relations
Briefing
Reported strong results, increased common stock dividend, and provided outlook for full year 2023.
Crown Castle reported strong Q3 2022 results with an 8% increase in site rental revenues and a 6.5% increase in the annualized common stock dividend. The company is optimistic about 5G development and expects continued growth in the Towers segment. Challenges include higher interest rates and Sprint network rationalization.
- Site rental revenues grew by 8% compared to Q3 2021, driven by organic contribution and straight-lined revenues.
- Income from continuing operations increased to $419 million, compared to $351 million in Q3 2021.
- Adjusted EBITDA grew by 10% to $1.1 billion, primarily due to growth in site rental revenues and higher services contribution.
- AFFO and AFFO per share both grew by 5% compared to Q3 2021, reaching $804 million and $1.85, respectively.
Headline financials
Revenue & EPS history
Crown Castle · Revenue · Quarterly
$1.75B
Revenue by segment
Crown Castle · $1.26B total across 2 segments · Q3 2022
- Site Rental$1.08B+11.5%85.9%
- Services & Other$178M+6.6%14.1%
Forward guidance
Crown Castle provided its full year 2023 outlook, anticipating growth in site rental revenues, adjusted EBITDA, and AFFO. The outlook includes impacts from Sprint Cancellations and rising interest rates.
Tailwinds
- Expected growth in site rental revenues from $6,242-$6,287 million in 2022 to $6,488-$6,533 million in 2023.
- Anticipated Adjusted EBITDA between $4,449 and $4,494 million in 2023.
- Projected AFFO between $3,296 and $3,341 million in 2023.
- Expected acceleration in small cell deployments to approximately 10,000 in 2023.
- Organic Contribution to Site Rental Billings during 2023 of approximately 7%.
Headwinds
- Includes certain impacts from the expected small cell and fiber solutions lease cancellations related to the previously disclosed T-Mobile US. Inc. (“T-Mobile”) and Sprint network consolidation (“Sprint Cancellations”).
- Impact of Sprint Cancellations impacts run-rate site rental revenues by $30 million.
- Includes approximately $50 million in expected accelerated amortization of prepaid rent from the remaining deferred revenues associated with the Sprint Cancellations.
- Expected increase in expenses includes approximately $20 million in higher labor-related and other operating expenses associated with the higher inflationary environment.
- Expected growth in full year 2023 AFFO includes the impact of approximately $120 million to $160 million of additional interest expense related to higher expected interest rates.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q3 2022
-0.3%
Avg return
Earnings day
-0.7%
Avg return
5 days after
-0.1%
Avg return
30 days after
54%
38 / 70 earnings
Positive
+8.5%
Q4 2024
Best reaction
-9.0%
Q4 2025
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -1.0% | +0.2% | +6.3% | |
| Q4 2025 | -9.0% | -1.8% | +5.0% | |
| Q3 2025 | +0.6% | -3.2% | -7.9% | |
| Q2 2025 | +0.6% | +1.8% | -5.6% | |
| Q1 2025 | +0.5% | +0.6% | -5.1% | |
| Q4 2024 | +8.5% | +9.7% | +1.7% | |
| Q3 2024 | -2.2% | -3.6% | -9.2% | |
| Q2 2024 | +1.1% | +0.0% | +5.7% | |
| Q1 2024 | +0.4% | +1.2% | +9.5% | |
| Q4 2023 | +2.6% | +0.9% | +0.7% | |
| Q3 2023 | -8.0% | -7.3% | +11.3% | |
| Q2 2023 | -2.8% | +0.8% | -9.3% | |
| Q1 2023 | -4.1% | -6.0% | -14.6% | |
| Q4 2022 | +1.9% | -0.4% | -9.7% | |
| Q3 2022 | -4.9% | -8.2% | +1.8% | |
| Q2 2022 | -0.3% | -1.2% | +3.8% | |
| Q1 2022 | +1.3% | -0.5% | -6.0% | |
| Q4 2021 | -5.8% | +0.2% | -8.0% | |
| Q3 2021 | +2.9% | +2.8% | +6.3% | |
| Q2 2021 | -5.5% | -5.4% | -2.6% | |
| Q1 2021 | +0.7% | +1.7% | +1.4% | |
| Q4 2020 | -3.3% | +0.5% | -4.7% | |
| Q3 2020 | -5.0% | -2.8% | +1.5% | |
| Q2 2020 | -0.9% | -4.5% | -4.7% | |
| Q1 2020 | -1.1% | -2.2% | +6.8% | |
| Q4 2019 | -9.0% | -4.2% | -16.0% | |
| Q3 2019 | +3.7% | +6.5% | +0.0% | |
| Q2 2019 | -4.4% | -4.7% | +7.7% | |
| Q1 2019 | -1.6% | -1.6% | +2.1% | |
| Q4 2018 | +2.5% | +4.8% | +9.8% | |
| Q3 2018 | -0.3% | -1.0% | +4.9% | |
| Q2 2018 | +0.1% | -1.9% | +2.7% | |
| Q1 2018 | -3.3% | -1.1% | -3.7% | |
| Q4 2017 | -1.6% | -0.5% | +0.1% | |
| Q3 2017 | +1.8% | +2.5% | +8.5% | |
| Q2 2017 | +0.7% | +2.6% | +7.7% | |
| Q1 2017 | -1.3% | -1.0% | +5.9% | |
| Q4 2016 | +0.4% | -1.0% | +5.6% | |
| Q3 2016 | +3.5% | +2.4% | -7.3% | |
| Q2 2016 | +0.4% | -1.8% | -5.2% | |
| Q1 2016 | +0.2% | — | — | |
| Q4 2015 | +1.4% | — | — | |
| Q3 2015 | +4.4% | — | — | |
| Q2 2015 | +3.1% | — | — | |
| Q1 2015 | +1.0% | — | — | |
| Q4 2014 | +4.0% | — | — | |
| Q3 2014 | -5.3% | — | — | |
| Q2 2014 | -2.3% | — | — | |
| Q1 2014 | -1.6% | — | — | |
| Q4 2013 | -1.6% | — | — | |
| Q3 2013 | -1.4% | — | — | |
| Q2 2013 | -4.1% | — | — | |
| Q1 2013 | +4.6% | — | — | |
| Q4 2012 | -0.6% | — | — | |
| Q3 2012 | +1.3% | — | — | |
| Q2 2012 | +4.8% | — | — | |
| Q1 2012 | +2.3% | — | — | |
| Q4 2011 | +0.2% | — | — | |
| Q3 2011 | +2.7% | — | — | |
| Q2 2011 | -5.1% | — | — | |
| Q1 2011 | +2.2% | — | — | |
| Q4 2010 | -3.1% | — | — | |
| Q3 2010 | -1.8% | — | — | |
| Q2 2010 | +0.2% | — | — | |
| Q1 2009 | +2.8% | — | — | |
| Q1 2010 | +0.2% | — | — | |
| Q4 2009 | +2.9% | — | — | |
| Q2 2009 | +2.9% | — | — | |
| Q3 2009 | +6.4% | — | — | |
| Q2 2008 | -3.9% | — | — |
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