Crown Castle Inc. (CCI) has updated its 2024 AFFO per share guidance to a range of $6.91 to $7.02, reflecting a $0.06 increase at the midpoint from previous estimates. The firm forecasts site rental revenues to fall between $6.32 billion and $6.36 billion, down from the earlier projection of $6.37 billion.
Additionally, Crown Castle has outlined a series of operational enhancements. The company plans to decrease gross capital expenditures in its Fiber segment by $275 million to $325 million for the year 2024 and will reduce its staffing levels by over 10%. These measures are expected to generate approximately $100 million in annualized run-rate operating cost savings, with around $60 million positively impacting the full-year 2024 results.
The operational adjustments, along with delays in completing certain small cell projects, are anticipated to reduce the number of new revenue-generating small cell nodes by 3,000 to 5,000 in 2024. This will also result in a decline in new leasing activity by roughly $15 million over the year.
