Crown Castle Stock Price, News & Analysis

Crown Castle (NYSE: CCI) will release its second quarter 2024 financial results on July 17, 2024, after market close. A conference call to discuss the results is scheduled for 5:00 p.m. ET on the same day. Interested parties can access the live audio webcast and supplemental materials on Crown Castle's investor website. To participate in the call, dial 833-816-1115 (Toll-Free) or 412-317-0694 (International) and request the Crown Castle call. A replay of the webcast will be available on the company's website until July 17, 2025.

Crown Castle (NYSE: CCI) has announced its operational changes and updated its fiscal 2024 outlook. The changes are aimed at enhancing operational efficiencies and increasing returns within its fiber and small cell segments.

The company plans to reduce capital expenditures by $300 million and save $60 million in expenses, partly by reducing staffing levels by over 10% and closing certain offices. Specifically, Crown Castle expects to lower its gross capital expenditures in the Fiber segment by $275 million to $325 million in 2024. Additionally, the reduction in capital expenditures will lead to reduced activity, which is expected to result in $100 million in annualized run-rate operating cost savings.

While the strategic review of the Fiber segment is ongoing, Crown Castle has identified high-return opportunities in locations close to its existing fiber network. Consequently, the company is shifting its investment focus towards collocations and network-adjacent anchor nodes, aiming for double-digit revenue growth in small cell revenues over the next few years.

Crown Castle (NYSE: CCI) has announced a quarterly cash dividend of $1.565 per common share.

This dividend is scheduled to be paid on June 28, 2024, to shareholders who are on record as of June 14, 2024.

Future dividends will require approval from Crown Castle's Board of Directors.

Crown Castle (NYSE: CCI) announced that shareholders have elected all 12 of the company's director nominees at the 2024 Annual Meeting of Stockholders. The preliminary results highlight shareholder support for the company's ongoing value creation initiatives. Newly appointed CEO Steven Moskowitz, along with the board, is focused on strategic and operational reviews of Crown Castle’s fiber and small cell business to enhance performance and increase shareholder value. The results are preliminary and will be finalized by an independent Inspector of Election. Final voting results will be reported on a Form 8-K filed with the SEC.

Crown Castle (NYSE: CCI) announced that its Chief Financial Officer, Dan Schlanger, will present at Nareit’s REITweek: 2024 Investor Conference. The presentation is scheduled for Tuesday, June 4, 2024, at 1:30 p.m. Eastern Time and will be broadcast live on Crown Castle’s website. The presentation will last around 30 minutes and will be archived for replay for 60 days.

Ted B. Miller, co-founder and former CEO of Crown Castle (NYSE: CCI), along with Boots Capital, has expressed concerns over Crown Castle's prolonged underperformance and poor governance. In a letter to shareholders, Miller highlights the need for new leadership to guide the company back to its core tower business. He criticizes the current Board's lack of industry experience, mismanagement of funds, and absence of strategic planning. Miller urges shareholders to vote for Boots Capital's four nominees—Ted Miller, Charles Green, David Wheeler, and Tripp Rice—at the upcoming Annual Meeting on May 22, 2024.

Boots Capital Management urges Crown Castle shareholders to vote using the GOLD proxy card in favor of their four director nominees: Ted Miller, Charles Green, David Wheeler, and Tripp Rice. The call to action comes after a decade of Crown Castle's alleged underperformance, including a $22 billion misallocation of shareholder capital. Independent proxy advisor Glass Lewis supports Boots Capital's nominees, highlighting their extensive experience in the tower industry. Crown Castle's current board lacks directors with relevant tower-company operational experience, and the company's Total Shareholder Return (TSR) has significantly lagged behind peers like American Tower and SBA Communications. Boots Capital aims to collaborate with the board and the new CEO to restore the company's prominence.

Crown Castle Inc. urges shareholders to vote for only its 12 highly qualified director nominees to continue progressing. The Board is effectively executing strategic initiatives, appointing a new CEO, reviewing fiber and small cell business, and enhancing the Board's composition. Boots Capital's attempt to replace directors lacks additive skills, risking loss of valuable expertise.

Boots Capital Management, criticizes Crown Castle Inc.'s board for a decade of underperformance and failure to deliver promised changes. They propose four highly qualified director nominees who plan to optimize fiber assets, improve tower operations, and create long-term shareholder value.