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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