Crown Castle Q1 AFFO Declines

(RTTNews) - Crown Castle Inc. (CCI), Wednesday announced a decline in its first-quarter adjusted Funds from Operations, primarily due to higher interest expenses.

AFFO stood at $749 million or $1.72 a share compared to last year's $828 million or $1.91 a share.

Earnings decreased to $311 million or $0.71 per share from $418 million or $0.97 per share in previous year.

On average, analysts polled by Thomson Reuters have also estimated earnings of $0.71 per share for the first-quarter.

Revenue declined to $1.6 billion from $1.8 billion in year-ago quarter.

Looking ahead, the real estate company anticipates earnings of $2.79 to $2.97 per share, and an AFFO of $6.85 to $6.97 per share for the fiscal year 2024.