Crown Castle Inc. reported a fall in its adjusted funds from operations (AFFO) for the first quarter on Wednesday. The decrease is primarily attributed to increased interest expenses.
The AFFO was $749 million, or $1.72 per share, which is lower compared to last year's $828 million or $1.91 per share. Earnings decreased to $311 million, or $0.71 per share from $418 million, or $0.97 per share from the previous year.
Analysts surveyed by Thomson Reuters expected an average estimated earnings of $0.71 per share for the first quarter, aligning with the actual outcome.
Revenue fell to $1.6 billion from $1.8 billion in the same quarter of the previous year.
Crown Castle, a real estate company, predicts earnings between $2.79 to $2.97 per share and an AFFO of $6.85 to $6.97 per share for the fiscal year 2024.
