Crown Castle Inc (NYSE:CCI) shares are trading lower Thursday after the company reported third-quarter financial results.
What Happened: Crown Castle reported third-quarter sales of $1.67 billion, which missed estimates of $1.71 billion, according to Benzinga Pro. The company reported funds from operations of $1.77 per share, which was down from $1.85 per share on a year-over-year basis.
“Our third quarter results continue to demonstrate the resiliency of our business, allowing us to keep our full year 2023 outlook consistent with expectations of 5% tower organic revenue growth and delivering on 10,000 small cell nodes,” said Jay Brown, CEO of Crown Castle.
In addition to the company’s previously announced restructuring plan, Crown Castle said it plans to relocate approximately 1,000 employee positions from several locations nationwide to a centralized location by the end of the third quarter.
The company also announced the departure of CFO Dan Schlanger, effective March 31, 2024. Crown Castle noted that it has started looking for a replacement.
Crown Castle’s board declared a quarterly cash dividend of $1.565 per share, payable on Dec. 29 to shareholders on record as of Dec. 15.
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CCI Price Action: Crown Castle shares were down 5.26% at $86.14 at the time of writing, per Benzinga Pro.
This illustration was generated using artificial intelligence via MidJourney.
