Crown Castle cuts annual profit forecast, reduces workforce amid fiber business review [Yahoo! Finance]
Crown Castle Inc. (CCI)
Last crown castle inc. earnings: 4/29 04:15 pm
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Source: Yahoo! Finance
Crown had initiated a strategic and operating review of its fiber business, which made up about 32% of the company's revenue in the quarter ended Mar. 31, in December last year after reaching a deal with activist investor Elliott Investment Management. Elliott, which disclosed a $2 billion stake in the company in November, had been pushing Crown to consider selling the fiber business. As part of the deal, Crown also replaced two board directors. The Houston, Texas-based company said it expects to reduce gross capital expenditures at its fiber segment by $275 million to $325 million in 2024 and expects annual organic revenue growth of about 3% in the fiber solutions segment beginning in 2025. The move is expected to save Crown, which runs 90,000 route miles of fiber in the U.S., $100 million in annualized run-rate cost savings. Last year, the company had initiated a restructuring plan which included reducing total headcount by 15%. It also plans to concentrate on areas close
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News
- DataVerge Opens Second Meet-Me Room to Support Growth and Provide an Always-On Connection [Yahoo! Finance]Yahoo! Finance
- These 3 REITs Just Received Price Target Increases [Yahoo! Finance]Yahoo! Finance
- Crown Castle Inc. (NYSE: CCI) had its "outperform" rating re-affirmed by analysts at Raymond James. They now have a $126.00 price target on the stock, up previously from $124.00.MarketBeat
- Crown Castle (CCI) Plans Operational Changes, Revises '24 View [Yahoo! Finance]Yahoo! Finance
- Crown Castle ups AFFO outlook, reduces staffing levels [Seeking Alpha]Seeking Alpha
CCI
Earnings
- 4/17/24 - Beat
CCI
Sec Filings
- 6/11/24 - Form 8-K
- 6/3/24 - Form 4
- 5/30/24 - Form 8-K/A
- CCI's page on the SEC website