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Research Alert: Crown Castle Inc. Q1: Revenue And Ffo Beat, Fiber Sale Expected To Close In Q2

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CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:

CCI reported Q1 revenue of $1.01B, down 4.8% Y/Y from $1.06B but beating consensus estimates by $16M. Site rental revenues declined 5% Y/Y to $961M, primarily driven by the anticipated $49M impact from DISH contract terminations and $5M from Sprint cancellations. Management left site rental revenue guidance unchanged at -5% at the midpoint to $3.85B for the full year. Excluding the impact of DISH and Sprint churn this year, management expects 3.5% organic growth for 2024. However, organic growth moderated to 3.1% in Q1 from 3.9% in the prior-year quarter, indicating some softening in underlying leasing momentum across the tower portfolio. The DISH contract terminations continue to represent a significant operational and financial headwind for CCI's near-term performance trajectory, though the company appears to be successfully managing through this challenging transition period while maintaining its full-year revenue outlook and guidance.

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