Crown Castle (NYSE:CCI), a telecom infrastructure REIT, surpassed Q1-2024 earnings expectations and reiterated its 2024 guidance despite seeing declines from both the previous quarter and the same period last year. Nonetheless, shares are little changed in after-hours trading. The company reported adjusted FFO per share of $1.72, beating the consensus estimate of $1.69. However, this figure was down from $1.82 in Q4 2023 and $1.91 one year ago.
Net revenue came in at $1.64 billion, slightly above the analyst prediction of $1.63 billion, yet it fell from last year’s figure of $1.77 billion. Breaking it down, Site Rental revenue decreased to $1.59 billion from $1.62 billion in the first quarter of the previous year, and Services and Other revenue dropped significantly to $53 million from $149 million.
Adjusted EBITDA for the quarter was $1.04 billion, ahead of the $1.03 billion consensus, but showed a 5.5% decrease from…
