Published on 23 Jan 2024 on GuruFocus.com via Yahoo Finance
Crown Castle Inc (CCI) Maintains Steady Outlook Amidst 2023 Financial Challenges
Site Rental Revenues: Crown Castle Inc (NYSE:CCI) reported a 4% increase in site rental revenues for the full year 2023, reaching $6,532 million.Net Income: Net income for 2023 experienced a 10% decrease year-over-year, totaling $1,502 million.Adjusted EBITDA: Adjusted EBITDA saw a 2% growth from the previous year, amounting to $4,415 million.AFFO: Adjusted Funds from Operations (AFFO) also grew by 2%, resulting in $3,277 million, or $7.55 per share.Capital Expenditures: Discretionary capital expenditures were significant, with $1.4 billion spent, primarily in the Fiber segment.Dividends: Common stock dividends increased by 4.7% per share compared to the previous year, totaling approximately $2.7 billion.Debt Management: Crown Castle issued $1.5 billion in senior unsecured notes, ending the year with over 90% fixed rate debt.
Warning! GuruFocus has detected 8 Warning Signs with CCI.
On January 24, 2024, Crown Castle Inc (NYSE:CCI) released its 8-K filing, detailing the fourth quarter and full year 2023 results. The company, a leading REIT specializing in cell towers and fiber networks, maintained its outlook for the full year 2024, demonstrating confidence in its business model despite facing certain financial headwinds.