Crown Castle's Q1 AFFO Surpasses Estimates, Revenues Fall Y/Y

Core Insights - Crown Castle Inc. (CCI) reported first-quarter 2025 adjusted funds from operations (AFFO) per share of $1.10, exceeding the Zacks Consensus Estimate of$1.02, but reflecting a nearly 1% decline year over year [1] - The company maintained its 2025 guidance for AFFO per share in the range of $4.06-$4.17, while the Zacks Consensus Estimate stands at $4.47, above the projected range [6] Financial Performance - CCI's net revenues for the first quarter were$1.06 billion, surpassing the Zacks Consensus Estimate of $1.04 billion, but down 4.8$1.01 billion, attributed to a $16 million decrease in amortization of prepaid rent and a$39 million decrease in straight-lined revenues [3] - Services and other revenues increased by 8.7% year over year to $50 million, exceeding the estimate of$44.4 million [4] - Adjusted EBITDA for the quarter was $722 million, down 4.2$60 million, a decrease from $100 million as of December 31, 2024 [5] - Total debt and long-term obligations amounted to$22.87 billion, reflecting a 2.5% sequential decrease [5] Guidance and Outlook - CCI reaffirmed its site rental revenue guidance for 2025 to be between $3.987 billion and$4.032 billion, with adjusted EBITDA estimated in the range of $2.755-$2.805 billion [6] - Contributions from the Fiber Business are included in net income but excluded from other results and outlook components due to its classification as discontinued operations [7]