Seeking AlphaCodex · 实盘不做把握 7/10
北京时间·🕒 发布 04:37:32时区推断·⟳ 抓取 04:38:49·⚡ 决策 07-23 04:42:42 +3m53s·96.6 天前
Crown Castle二季度AFFO超预期但维持2026年全年指引
二季度AFFO为1.13美元，高于0.95美元预期，但公司维持2026年AFFO每股4.53-4.65美元和调整后EBITDA 26.65亿-27.15亿美元指引。
📄 原文Seeking Alpha↗ 原文
Crown Castle Q2 earnings beat even as site rental revenue impacted by items
Crown Castle (CCI) posted Q2 earnings that exceeded the average analyst estimate on Wednesday as the company completed…
不做 Crown Castle（CCI.US）
二季度AFFO beat但2026年AFFO和EBITDA指引维持，且同一催化已处理；缺少新的可交易超预期，不做。
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研究档案
🔎 新鲜度:最早出现 2026-07-22 · 扩散 medium · price-in 风险 medium ↗
关键理由
- 二季度AFFO为1.13美元，高于0.95美元预期，但公司维持2026年AFFO每股4.53-4.65美元和调整后EBITDA 26.65亿-27.15亿美元指引。
- 近6小时已处理同一CCI二季度财报，结论为不做；盘后仅涨约1.2%，不是强重定价。
主要风险
- 若公司后续披露塔业务订单、资产出售收益或指引上修，可能形成新催化。
工具调用 · 历史记录,结果未知(2 种)
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原文全文
展开原文 · 1,824 字
Crown Castle (CCI) posted Q2 earnings that exceeded the average analyst estimate on Wednesday as the company completed the divestment of its fiber and small cell business.
The telecom infrastructure REIT maintained its outlook for 2026 AFFO per share of $4.53-$4.65 vs. the Visible Alpha consensus of $4.53. It also held its adjusted EBITDA guidance at $2.665B-$2.715B vs. the S&P CapIQ consensus of $2.70B.
Q2 AFFO per share of $1.13, topping the average analyst estimate of $0.95, rose from $1.02 in Q1 2025 and $1.02 in last year’s Q2.
Q2 site rental revenue of $967M vs. the Visible Alpha estimate of $942M, increased from $961M in the previous quarter and decreased from $1.01B in the year-ago period. Organic contribution to site rental billings was $38M, or 3.9% organic growth, excluding an unfavorable $49M and $5M impact from DISH terminations and Spring cancellations, respectively. If Dish revenue was excluded from the previous year, site rental organic growth would be 4.2%.
Site rental revenue was negatively affected by a $3M decrease in amortization of prepaid rent from a year ago and a $23M decrease in straight-lined revenues, the company said.
"We continue to focus on becoming a best-in-class US tower operator by driving operating efficiencies, increasing land ownership under our towers, modernizing our systems, and improving customer experience," President and CEO Chris Hillabrant said.
Adjusted EBITDA of $675M, beating the $659M S&P CapIQ consensus, was flat with Q1 and declined from $705M in Q2 2025. The Y/Y decrease was primarily a result of the lower contribution from site rental revenues, partially offset by a decrease in selling, general, and administrative expenses, excluding the impact of stock-based compensation expense.
Crown Castle (CCI) stock gained 1.2% in after-hours trading.
The telecom infrastructure REIT maintained its outlook for 2026 AFFO per share of $4.53-$4.65 vs. the Visible Alpha consensus of $4.53. It also held its adjusted EBITDA guidance at $2.665B-$2.715B vs. the S&P CapIQ consensus of $2.70B.
Q2 AFFO per share of $1.13, topping the average analyst estimate of $0.95, rose from $1.02 in Q1 2025 and $1.02 in last year’s Q2.
Q2 site rental revenue of $967M vs. the Visible Alpha estimate of $942M, increased from $961M in the previous quarter and decreased from $1.01B in the year-ago period. Organic contribution to site rental billings was $38M, or 3.9% organic growth, excluding an unfavorable $49M and $5M impact from DISH terminations and Spring cancellations, respectively. If Dish revenue was excluded from the previous year, site rental organic growth would be 4.2%.
Site rental revenue was negatively affected by a $3M decrease in amortization of prepaid rent from a year ago and a $23M decrease in straight-lined revenues, the company said.
"We continue to focus on becoming a best-in-class US tower operator by driving operating efficiencies, increasing land ownership under our towers, modernizing our systems, and improving customer experience," President and CEO Chris Hillabrant said.
Adjusted EBITDA of $675M, beating the $659M S&P CapIQ consensus, was flat with Q1 and declined from $705M in Q2 2025. The Y/Y decrease was primarily a result of the lower contribution from site rental revenues, partially offset by a decrease in selling, general, and administrative expenses, excluding the impact of stock-based compensation expense.
Crown Castle (CCI) stock gained 1.2% in after-hours trading.
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