HOUSTON - Crown Castle Inc. (NYSE: NYSE:CCI) reported its first-quarter financial results, slightly surpassing analyst expectations for earnings per share (EPS) but falling short on revenue.
The company posted an EPS of $0.71, marginally beating the analyst estimate of $0.70. However, revenue for the quarter was $1.59 billion, missing the consensus estimate of $1.63 billion and representing a 2% decline from the same quarter last year.
The company's stock experienced a modest decline of 1% following the announcement, but was later up 0.38%. Crown Castle's guidance for the full year 2024 anticipates an EPS range of $2.79 to $2.97, straddling the consensus estimate of $2.90. The revenue guidance for the full year is projected to be between $6.347 billion and $6.392 billion, which is below the consensus estimate of $6.59 billion.
Crown Castle's Chief Financial Officer, Dan Schlanger, commented on the results, stating, "With first-quarter results in line with expectations, we remain on track to meet our full year guidance as we continue to focus on executing for our customers and shareholders." Schlanger highlighted a 5.0% consolidated core organic growth and the company's strong balance sheet, which provides stability and flexibility for future strategic evaluations.
Despite the dip in revenue, Crown Castle's management remains optimistic about the company's strategic direction and ability to grow value for shareholders. The newly appointed President and CEO, Steven Moskowitz, is expected to leverage his extensive industry experience to lead the company's strategic and operating plans.
Crown Castle's portfolio includes over 40,000 cell towers and approximately 90,000 route miles of fiber supporting small cells and fiber solutions across major U.S. markets. The company's infrastructure plays a crucial role in connecting cities and communities to essential data, technology, and wireless services.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.