Welcome to our dedicated page for Crown Castle news (Ticker: CCI), a resource for investors and traders seeking the latest updates and insights on Crown Castle stock.
Crown Castle Inc. (NYSE: CCI) is a U.S.-focused communications infrastructure company that owns, operates and leases approximately 40,000 cell towers and approximately 90,000 route miles of fiber supporting small cells and fiber solutions across every major U.S. market. This news page aggregates company announcements, press releases and market-moving updates related to Crown Castle’s tower and fiber operations.
Readers can find coverage of Crown Castle’s quarterly financial results, including site rental revenues, net income (loss), Adjusted EBITDA, AFFO and related outlook updates. The company regularly uses press releases and Form 8-K filings to discuss organic contribution to site rental billings, capital expenditures, dividend declarations and changes to its full-year outlook.
News items also include strategic and corporate developments. Recent examples disclosed by the company involve the planned sale of its small cells and fiber solutions businesses, which are presented as discontinued operations, and management’s description of Crown Castle’s future focus as a standalone, U.S.-focused tower company. Updates on executive leadership, such as the appointment of a new President and Chief Executive Officer and related governance changes, are also reported.
Contract and customer-related developments can appear in Crown Castle’s news flow as well. The company has announced, for instance, that DISH Wireless defaulted on payment obligations under a wireless infrastructure agreement, leading Crown Castle to exercise termination rights and seek recovery of remaining payments owed. Investors, analysts and other interested readers can use this page to review these types of announcements and follow how they relate to Crown Castle’s communications infrastructure portfolio and REIT structure over time.
Crown Castle Inc. (NYSE: CCI) has announced a public offering of senior notes. The company intends to use the net proceeds to repay a portion of its outstanding commercial paper program debt and cover related fees and expenses. The offering will be managed by joint book-runners including BofA Securities, BNP Paribas Securities, MUFG Securities Americas, PNC Capital Markets, RBC Capital Markets, and Truist Securities.
The notes will be issued under Crown Castle's existing shelf registration statement with the SEC. Interested parties can obtain the prospectus supplement and base prospectus from the joint book-running managers or the SEC's website. This announcement does not constitute an offer to sell or a solicitation to buy securities in any jurisdiction where it would be unlawful.
Crown Castle Inc. (NYSE: CCI) reported Q2 2024 results and maintained its full year 2024 outlook. Key highlights include:
- Site rental revenues decreased 9% to $1,580 million
- Net income declined 45% to $251 million
- Adjusted EBITDA fell 15% to $1,006 million
- AFFO per share decreased 21% to $1.62
The company reported organic growth of 4.7% in Site Rental Billings, excluding Sprint Cancellations. Crown Castle implemented operational changes, including staff reductions, expecting $100 million in annual cost savings. The company maintains its 2024 outlook with projected site rental revenues of $6,340 million and AFFO per share of $6.97.
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.