Crown Castle beats site rental revenue estimates on steady demand

By Thomson Reuters Apr 17, 2024 | 4:30 PM

(Reuters) – Wireless tower operator Crown Castle beat Wall Street estimates for first-quarter site rental revenue on Wednesday, helped by steady demand for its wireless infrastructure services.

The real estate investment trust, posted quarterly site rental revenue of $1.59 billion, above analysts’ average estimate of $1.57 billion.

Rapid roll-out of 5G services by wireless carriers such as AT&T, T-Mobile US and Verizon Communications is driving demand for communication infrastructure required to support the fast data.

The wireless tower operator’s quarterly revenue stood at $1.64 billion compared with analysts estimates of $1.63 billion. Its adjusted funds from operations for the quarter ended March 31 came in at $1.72 per share, compared with $1.91 per share a year earlier.

Last week, Steven Moskowitz took charge as Crown’s CEO, taking over from interim chief Anthony Melone.

In February, co-founder Ted Miller said that the company could fetch as much as $15 billion by selling its fiber assets to upgrade its tower assets, if it let him and his partners join its board of directors.

The company which competes with American Tower and SBA Communications reaffirmed its 2024 forecast.

(Reporting by Priyanka.G in Bengaluru; Editing by Shailesh Kuber)