Crown Castle unveiled its financial results for the first quarter of 2024 in line with expectations and on track to meet the company’s full-year guidance, with particular focus on executing for customers and shareholders.
The net income for Q1 was recorded at USD 311 million compared to USD 418 million for the first quarter of 2023. Moreover, Dan Schlanger, Crown Castle's Chief Financial Officer, emphasized the company’s 5% consolidated core organic growth with solid performance across each line of business – 4.6% growth from Towers, 16% growth from small cells, and 2% growth from fiber solutions.
This is driven by the consistent demand for tower, small cell, and fiber solutions as shared infrastructure continues to grow. In addition, Crown Castle’s balance sheet remains well-positioned to provide stability and flexibility on its strategic path. “We finished the first quarter with more than 90% fixed rate debt, a weighted average maturity of 7 years, only 8% of our debt maturing through 2025, and $6 billion of liquidity under our revolving credit facility,” added Schlanger.
As per its latest investor report, Crown Castle has ongoing discussions with multiple parties who have expressed interest in a potential transaction involving “all or part” of its fiber business. Based on the results of Q1 2024’s operational review, there are opportunities for operational improvement in both of Crown Castle’s enterprise fiber and small cell businesses.
New Leadership
The new CEO, Steven Moskowitz, is a 25-year industry veteran with a proven executive track record and deep tower operating experience. During his tenure at American Tower, Crown Castle became the largest and most profitable US wireless infrastructure company, tripling in size to more than 20,000 cell sites. Most recently, he held the position of CEO at Centennial Towers, where he spearheaded the establishment of a premier provider specializing in custom-built cell sites across Brazil, Colombia, and Mexico.
Admiring Crown Castle's assets and customer service focus, Moskowitz believe that “this company is ripe for significant upside,” and that as the incoming CEO, the “company's strategic review” is a top priority for him.