CCI - Crown Castle posts Q1 profit beat reflecting strong demand

2023-04-19 17:50:23 ET

Crown Castle ( NYSE: CCI ) Q1 earnings came in slightly above Wall Street expectations as the telecom tower REIT continued to benefit from demand growth for 5G development, said CEO Jay Brown. The company maintained its 2023 outlook.

"The positive operating trends across our business will continue, offsetting some of the impact from higher interest rates and Sprint Cancellations," said CFO Dan Schlanger, while noting dividend growth for 2024 and 2025 is expected to be less than its 7%-8% target.

CCI slipped 0.8% in after-hours trading.

Q1 adjusted FFO per share of $1.91, exceeding the $1.89 average analyst estimate, rose from $1.85 in the previous quarter and from $1.87 a year earlier. Net revenue of $1.77B, exceeding the $1.76B consensus, increased from $1.76B in Q4 2022 and from $1.74B in the year-ago quarter.

Site rental revenue of $1.62B, vs. Visible Alpha consensus of $1.60B, advanced from $1.58B in Q4 2022 and from $1.58B a year before.

Adjusted EBITDA was $1.10B, compared with $1.09B in the previous quarter and $1.10B in Q1 of last year.

Conference call on April 20 at 10:30 a.m. ET.

Previously, (Feb. 15) equity REITs said to have entered 2023 with 47% more capital raised in January than December.

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