Crown Castle (NYSE:CCI) shares fell around 10% since the company reported its Q1 results last Wednesday, with revenue of $1.62 billion coming in worse than the Street estimate of $1.76 billion. EPS was $1.91, compared to the Street estimate of $1.89.
While tower site leasing revenue was below the Street estimate by 0.1%, small cell/fiber leasing revenue came in 5.0% above expectations. Adjusted EBITDA was $1.104 billion (62.3% margin), compared to the Street estimate of $1.094 billion (61.9% margin).
The company reiterated its 2023 outlook, including midpoints for site rental revenue of $6.511 billion, site rental cash flow of $4.845 billion, and adjusted EBITDA of $4.472 million.