93.33
price up icon0.83%   0.77
after-market After Hours: 91.30 -2.03 -2.18%
loading

Why is Crown Castle Inc (CCI) Stock down?

19 Oct, 2023:

Shares of Crown Castle International Corp (CCI) dropped by 5.54% from $90.93 to $85.89 in the trading on Thursday, October 19, 2023. The reason why CCI stock down is due to its weaker-than-expected Q3 earnings

  • Adjusted funds from operations (AFFO) per share came in at $1.77, narrowly missing the Zacks Consensus Estimate. This figure marked a 4.3% decline compared to the same quarter in the previous year. The results were negatively affected by lower-than-expected revenues, increased interest expenses, and reduced contributions from adjusted EBITDA.
  • The company reported net revenues of $1.67 billion, falling short of the Zacks Consensus Estimate of $1.71 billion and decreasing by 4.5% year over year. Services and other revenues experienced a significant decline, dropping 49.4% year over year to $90 million.
  • Operating expenses for the quarter increased by 3.2% compared to the previous year, totaling $1.18 billion. Interest expenses related to debt obligations increased by 22.4% year over year to $213 million. Capital expenditures for the quarter were $347 million, including discretionary and sustaining capital expenditures related to Fiber and Towers.
reit_specialty DLR
$158.16
price down icon 0.96%
reit_specialty IRM
$92.40
price up icon 1.03%
$219.17
price up icon 2.97%
reit_specialty WY
$30.20
price up icon 0.73%
$49.49
price up icon 1.31%
Cap:     |  Volume (24h):