Crown Castle International 1Q Earnings Beat Expectations
21 April 2022 - 7:07AM
Dow Jones News
By Denny Jacob
Crown Castle International Corp. reported better-than-expected
profit and revenue in the first quarter.
The real estate investment trust company reported a profit of
$421 million, or 97 cents a share, for the quarter ended March 31,
compared with a profit of $58 million, or 13 cents a share, in the
year-ago period. Analysts polled by FactSet expected 94 cents.
Revenue rose to $1.74 billion from $1.49 billion. Analysts
polled by FactSet expected $1.69 billion.
Crown Castle said site rental revenues grew 15% to $1.58 billion
from $1.37 billion. It said site rental revenue benefited by
approximately $15 million from items not expected to incur in
2022.
The company raised its current EPS outlook for 2022 to
$3.94.
Chief Executive Jay Brown said in prepared remarks that the
company expects elevated levels of tower leasing to continue this
year.
Write to Denny Jacob at denny.jacob@wsj.com
(END) Dow Jones Newswires
April 20, 2022 16:52 ET (20:52 GMT)
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