Crown Castle's (CCI) Q1 AFFO Beat, Site-Rental Revenues Fall

Crown Castle Inc.’s (CCI) first-quarter 2024 adjusted funds from operations (AFFO) per share of $1.72 surpassed the Zacks Consensus Estimate of $1.71. Net revenues of $1.64 billion outpaced the Zacks Consensus Estimate of $1.63 billion.However, AFFO per share reported a 9.9% decline year over year. Net revenues fell 7.4% year over year.Site-Rental Revenues DecreaseCCI’s total site-rental revenues fell 2.2% year over year to $1.59 billion in the first quarter of 2024. The figure was higher than our estimate ...