Why Crown Castle Shares Are Sliding Today
Portfolio Pulse from Lekha Gupta
Crown Castle Inc (NYSE:CCI) reported Q2 revenues of $1.867 billion, slightly beating the consensus of $1.86 billion. Site rental revenues rose 10% Y/Y to $1.73 billion. Adjusted EBITDA increased 10% Y/Y to $1.19 billion. However, the company cut the outlook for adjusted EBITDA by $50 million at the midpoint to $4.399 billion to $4.444 billion and AFFO per share by $0.09 at the midpoint to $7.50-$7.58. CCI shares are trading lower by 4.58% Y/Y at $108.30 premarket on the last check Thursday.
July 20, 2023 | 12:29 pm
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NEGATIVE IMPACT
Crown Castle reported Q2 revenues that slightly beat consensus, but cut its outlook for adjusted EBITDA and AFFO per share. Its shares are trading lower by 4.58% Y/Y at $108.30 premarket.
Despite beating Q2 revenue consensus, Crown Castle cut its outlook for adjusted EBITDA and AFFO per share, which likely contributed to its shares trading lower. This suggests a negative short-term impact on the stock.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100