Crown Castle Inc. (CCI) reported a decrease in adjusted Funds from Operations (FFO) for the second quarter, amounting to $704 million, or $1.62 per share, compared to $891 million, or $2.05 per share, in the same period last year.
In more detail, the FFO for the quarter registered at $669 million, or $1.54 per share, down from $901 million, or $2.08 per share, recorded in the previous year.
Net earnings also declined to $251 million, or $0.58 per share, from $455 million, or $1.05 per share, in the corresponding quarter of the prior year. Analysts, on average, had anticipated earnings of $0.54 per share, according to data from Thomson Reuters.
Site rental revenue also decreased, totaling $1.58 billion, down from $1.728 billion in the prior year.
Looking forward, Crown Castle Inc. projects its adjusted FFO to range between $3.005 billion, or $6.91 per share, and $3.055 billion, or $7.02 per share, for the full year 2024. The company also expects FFO to be between $2.86 billion and $2.89 billion, and earnings to range from $1.125 billion to $1.19 billion over the same period.
