Crown Castle Inc. stock research
FY2024 Q1
Crown Castle (CCI) Gross Margin — Quarter Ended Mar 31, 2024
Revenue and gross profit both rose compared to the prior quarter, while cost of revenue declined, resulting in a substantially stronger gross margin. Relative to the same quarter last year, revenue and gross profit were lower, and gross margin was higher as cost of revenue fell more sharply.
Gross margin takeaway
Quarter ended Mar 31, 2024 · FY2024 Q1
Revenue and gross profit both rose compared to the prior quarter, while cost of revenue declined, resulting in a substantially stronger gross margin. Relative to the same quarter last year, revenue and gross profit were lower, and gross margin was higher as cost of revenue fell more sharply.
- The most observable margin driver this quarter was the reduction in cost of revenue, which enabled gross profit to improve even as revenue grew moderately.
- Compared to the immediately preceding quarter, gross margin improved, revenue was higher, and cost of revenue was lower. Compared to the same quarter one year earlier, gross margin was higher, while both revenue and cost of revenue were lower.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
37.0%
Gross profit
$17.0M
Revenue
$46.0M
Cost of revenue
$29.0M
Quarter-over-quarter change
+20.7 pts
Year-over-year change
+6.8 pts
Quarterly gross margin trend
A four-quarter view of the revenue and direct-cost bridge behind gross margin.
| Period | Revenue | Gross profit | Cost of revenue | Gross margin |
|---|---|---|---|---|
| Jun 30, 2023 | $139.0M | $41.0M | $98.0M | 29.5% |
| Sep 30, 2023 | $90.0M | $24.0M | $66.0M | 26.7% |
| Dec 31, 2023 | $43.0M | $7.0M | $36.0M | 16.3% |
| Mar 31, 2024 | $46.0M | $17.0M | $29.0M | 37.0% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Dec 31, 2023
+20.7 pts
Year-over-year change
Mar 31, 2023
+6.8 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The most observable margin driver this quarter was the reduction in cost of revenue, which enabled gross profit to improve even as revenue grew moderately.
Compared to the immediately preceding quarter, gross margin improved, revenue was higher, and cost of revenue was lower. Compared to the same quarter one year earlier, gross margin was higher, while both revenue and cost of revenue were lower.
Monitor the trajectory of cost of revenue, as its recent decline has been the primary factor behind margin changes.