Crown Castle Q3 earnings top estimates, revenue misses

NEW YORK - Crown Castle Inc. (NYSE: NYSE:CCI ) reported third quarter earnings that beat analyst expectations, while revenue fell short of estimates. The communications infrastructure company also lowered its full-year profit outlook. CCI share were trading marginally lower following the report, down 0.10%.

Crown Castle posted adjusted earnings per share of $0.70 for the third quarter, exceeding the analyst consensus of $0.67. Revenue came in at $1.59 billion, below Wall Street's forecast of $1.64 billion.

"In the third quarter, we achieved solid operating and financial performance across our businesses and reaffirmed our full year 2024 Outlook for Adjusted EBITDA and AFFO," said Steven Moskowitz, Chief Executive Officer of Crown Castle.

The company reported site rental revenues of $1.59 billion, up 1% year-over-year. Organic Contribution to Site Rental Billings grew 4.7% compared to the prior year period.

For the full year 2024, Crown Castle now expects earnings per share between $2.24 and $2.45, down from its previous guidance of $2.59 to $2.74. The company maintained its revenue outlook of $6.32 billion to $6.36 billion.

Crown Castle said it completed discussions with customers in Q4 and mutually agreed to cancel approximately 7,000 greenfield small cell nodes from its contracted backlog. This is expected to improve capital efficiency and returns going forward.

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Source: Investing.com