Crown Castle Q2 AFFO Declines

(RTTNews) - Crown Castle Inc. (CCI), Wednesday announced a decline in adjusted Funds from operations to $704 million or $1.62 per share for the second quarter, from $891 million or $2.05 per share last year.

For the quarter, FFO stood at $669 million or $1.54 a share versus the previous year's $901 million or $2.08 a share.

Earnings declined to $251 million or $0.58 per share from $455 million or $1.05 per share in the year-ago quarter.

Analysts, on average, polled by Thomson Reuters expected earnings of $0.54 per share for the period.

Site rental revenue decreased to $1.58 billion from $1.728 billion in the prior year.

Looking ahead, the company expects AFFO to be between $3.005 billion or $6.91 a share and $3.055 billion or $7.02 a share for the full year 2024.

The company anticipates FFO of $2.86 billion to $2.89 billion and earnings of $1.125 billion to $1.19 billion for the same period.