Crown Castle, a leading real estate investment trust, has reported its fourth-quarter earnings for 2023. While the company experienced a decline in earnings compared to the previous year, its site-rental revenue showed a slight increase.

Quarterly Profit and Earnings Per Share

In the fourth quarter of 2023, Crown Castle recorded a profit of $361 million, down from $413 million in the same period the previous year. Earnings per share were reported at 83 cents, a decrease from 95 cents in the year-ago quarter. Despite the decline, the earnings per share exceeded analyst projections of 75 cents.

Revenue Performance

Quarterly revenue for Crown Castle decreased to $1.67 billion from $1.76 billion in the previous year. However, this figure was in line with analysts' expectations of $1.66 billion.

  • Site-Rental Revenue: Site-rental revenue saw a modest increase, rising from $1.58 billion to $1.6 billion.
  • Other Sources of Revenue: Revenue generated from services and other sources decreased significantly, dropping from $186 million to $71 million.

Guidance for 2024

Crown Castle expects site-rental revenue for the year 2024 to range between $6.35 billion and $6.39 billion—a slight decrease of 2% compared to the total site-rental revenue in 2023, which amounted to $6.53 billion.

The company also provided guidance for its profit in the new calendar year. Crown Castle anticipates a profit between $1.21 billion and $1.29 billion for 2024, representing a decline of approximately 17% from its 2023 total of $1.5 billion.

Amphenol Reports Strong Sales in Latest Quarter

Raymond James Financial Reports Revenue Growth

Leave A Reply

Your email address will not be published. Required fields are marked *