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American Tower 2Q Net Up 77% On Revenue Increase, Lower Taxes

DOW JONES NEWSWIRES American Tower Corp.'s (AMT) second-quarter earnings rose 77%, beating analysts' estimates, as the company's revenue jumped and it recorded lower tax expenses. Chief Executive Jim Taiclet gave a positive outlook on the company's business, saying, "We believe strongly that consumer demand for advanced integrated devices and broadband data services will necessitate robust network investment on the part of wireless carriers around the world." Cell-tower operators like American Tower - which operates wireless-communication towers in the U.S., Mexico, Brazil and India - have posted stronger results in recent quarters as demand continues to ramp up from wireless carriers who are looking to improve their service. American Tower reported a profit of $99.7 million, or 25 cents a share, up from $56.3 million, or 14 cents a share, a year earlier. Revenue jumped 11% to $469.9 million. Analysts polled by Thomson Reuters had most recently forecast earnings of 20 cents on $466 million in revenue. Operating margin rose to 40.1% from 39.3%. Meanwhile, tax provisions declined to $30.4 million from $51.4 million. Shares closed at $46.69 Monday and were inactive premarket. The stock has risen 34% in the past year. -By Nathan Becker, Dow Jones Newswires; 212-416-2855; [email protected]

Stock News for American Tower (AMT)
DateTimeHeadline
02/27/201717:09:41Annual Report (10-k)
02/27/201708:57:00American Tower Income Sags on Tax Pressure
02/27/201707:07:04Current Report Filing (8-k)
02/27/201707:00:00American Tower Corporation Reports Fourth Quarter and Full Year...
02/24/201716:30:00American Tower Corporation to Present at the Raymond James 38th...
02/24/201716:30:00American Tower Corporation to Present at the 2017 Citi Global...
02/23/201716:30:00American Tower Corporation to Present at the 2017 Morgan Stanley...
02/23/201716:30:00American Tower Corporation to Present at the Deutsche Bank 25th...
02/13/201716:39:28Annual Statement of Changes in Beneficial Ownership (5)
02/10/201716:44:40Current Report Filing (8-k)
02/10/201716:30:00American Tower Corporation Announces Completion of Redemption...
02/09/201716:33:01Statement of Changes in Beneficial Ownership (4)
02/09/201706:06:44Amended Statement of Ownership (sc 13g/a)
02/06/201713:32:40Amended Statement of Ownership (sc 13g/a)
02/01/201716:30:00American Tower Plans Fourth Quarter and Full Year 2016 Earnings...
01/20/201716:30:00American Tower Corporation Announces Tax Reporting Information...
01/19/201717:27:45Amended Statement of Ownership (sc 13g/a)
01/12/201716:37:36Statement of Changes in Beneficial Ownership (4)
01/11/201716:36:53Current Report Filing (8-k)
01/11/201716:30:00American Tower Corporation Calls for Redemption All of Its Outstanding...

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