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Jan 24 (Reuters) – Wireless tower operator Crown Castle beat Wall Street estimates on Wednesday for annual rental earnings from its sites, thanks to stable demand for its communications infrastructure.
Shares of the Houston, Texas-based company rose 1. 1% in after-sales trading.
Demand for communications infrastructure has remained strong as users move from 4G to 5G, requiring rapid insights and infrastructure.
Crown Castle reported an annual rental profit of $6. 53 billion, with an average analyst estimate of $6. 51 billion, according to LSEG data.
The company’s Adjusted Annual Percentage Budget (AFFO) was $7. 55 per percent, up from $7. 38 per percent in the prior year.
Crown Castle, which counts AT&T, T-Mobile US and Verizon Communications as its customers, posted fourth-quarter site rental revenue of $1.60 billion, compared with market estimates of $1.58 billion a year earlier.
Its fourth-quarter profit was $1. 67 billion, in line with analysts’ estimates. The company’s AFFO for the quarter ended Dec. 31 was $1. 82, compared to $1. 85 a year earlier.
In December last year, Crown Castle announced an overhaul of its fiber business, after coming under pressure from activist investor Elliott Investment Management, which was looking to restructure the business after years of underperformance.
Crown Castle also said CFO Dan Schlanger will remain in his role. It had previously announced he would depart on March 31.
The real estate investment firm, which competes with American Tower and SBA Communications, reaffirmed its 2024 rental earnings guidance (Report via Jaspreet Singh in Bengaluru; editing by Krishna Chandra Eluri).