Crown Castle Q3 Profit Down

(RTTNews) - Crown Castle Inc. (CCI) Wednesday reported its results for the third quarter, with earnings dropping from last year.

Net income for the quarter dropped to $265 million or $0.61 per share from $419 million or $0.97 per share last year.

Adjusted funds from operations for the quarter were $767 million or $1.77 per share, down from $804 million or $1.85 per share last year.

Site rental revenues grew 1% to $1.58 billion from $1.57 billion last year.

Analyst polled by Thomson Reuters expected earnings of $0.78 per share on revenues of $1.70 billion for the quarter.

"Our third quarter results continue to demonstrate the resiliency of our business, allowing us to keep our full year 2023 outlook consistent with expectations of 5% tower organic revenue growth and delivering on 10,000 small cell nodes," stated Jay Brown, Crown Castle's Chief Executive Officer.

Looking forward to the full year 2023, the company now expects site rental revenues of $6.51 billion and earnings of $3.38 per share and adjusted FFO per share of $7.54 per share.

For the full year 2024, the company expects site rental revenues of $6.37 billion, earnings of $2.88 per share and adjusted FFO of $6.91 per share.