CCI - Crown Castle bumps up 2022 adjusted EBITDA guidance after strong Q2 earnings
Crown Castle International ( NYSE: CCI ) has lifted the midpoint of its full-year outlook on adjusted EBITDA following the REIT's stronger-than-expected Q2 results.
Furthermore, "2022 represents an important transition year for our small cells and fiber business as we prepare to double the rate of expected small cell deployments next year when compared to the approximately 5,000 small cell nodes we expect to deploy this year," said CEO Jay Brown.
The REIT is expecting the midpoint of its adjusted EBITDA to climb to $4.35B in 2022 vs. $4.33B in the previous forecast, reflecting a $20M boost in expected services contribution.
The midpoint of its 2022 income from continuing operations, though, is anticipated to decrease to $1.69B, compared with the prior view of $1.71B.
As for its second-quarter results, adjusted funds from operations of $1.80 topped the average analyst estimate of $0.97 and increased from $1.71 in Q2 2021.
Site rental revenues of $1.57B in Q2 gained from $1.43B in Q2 of last year.
Q2 adjusted EBITDA came in at $1.08B, up from $958M in the year-ago period.
Income from continuing operations rose to $421M in Q2 vs. $333M in Q2 2021.
Conference call on July 21 at 10:30 a.m. ET.
Earlier this month, (July 8) Crown Castle increased its credit facility to $7B .
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Crown Castle bumps up 2022 adjusted EBITDA guidance after strong Q2 earnings