CCI - Crown Castle Q4 earnings stable vs. Q3; reaffirms 2023 guidance
Crown Castle ( NYSE: CCI ) Q4 earnings came in roughly in line with Wall Street expectations as it took actions in recent years to reduce its strategy's risk profile, the company said Wednesday. As a result, the telecom tower REIT reaffirmed 2023 guidance and is looking forward to 5% organic revenue growth in its Towers segment and a doubling of small cell deployments to 10,000 notes, said CEO Jay Brown.
The company still expects 2023 site rental revenue of $5.63B-$5.67B; AFFO per share at $7.58-$7.68, consensus $7.75; income from continuing operations outlook at $1.60B-$1.68B; and adjusted EBITDA guidance is unchanged at $4.45B-$4.49B.
Crown Castle's stock slipped 0.3% in Wednesday after-hours trading.
Q4 site rental revenue of $1.58B, higher than the $1.57B Visible Alpha consensus, rose from $1.45B in the prior quarter and from $1.47B in the year-ago period.
Q4 adjusted FFO per share of $1.85, exceeded the Visible Alpha consensus of $1.84, was unchanged from $1.85 in Q3, and rose from $1.77 in Q4 2021.
Q4 net revenue of $1.76B , topping the $1.74B consensus, increased from $1.75B in Q3 and from $1.65B in the year-ago quarter.
Q4 adjusted EBITDA of $1.09B vs. $804M in the prior quarter and $984M a year ago.
Conference call on Jan. 26 at 10:30 AM ET.
Crown Castle FFO of $1.93 misses by $0.01, revenue of $1.76 beats by $20M
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Crown Castle Q4 earnings stable vs. Q3; reaffirms 2023 guidance