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What Drove Crown Castle’s Third-Quarter Results?

Andrew Brunton
What Drove Crown Castle’s Third-Quarter Results?

Crown Castle (CCI) reported its third-quarter results on October 17. The company posted an AFFO (adjusted funds from operations) of $1.39 per share—$0.01 higher than Wall Street analysts’ expectation. Crown Castle’s AFFO per share grew ~34% YoY (year-over-year) and 5.3% sequentially. The AFFO growth was mainly driven by the company’s revenues rising 29% YoY and 3.4% sequentially to $1.38 billion. The quarterly revenues were ahead of analysts’ estimate of $1.35 billion.