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American Tower 4Q Profit Up 30% On Stronger-Than-Expected Revenue

DOW JONES NEWSWIRES American Tower Corp. (AMT) reported its fourth-quarter earnings rose 30% as improving rental and management revenue masked sliding margins. Cell-tower operators have benefited from volume increases as wireless carriers continue to grow, prompting them to spend more on upgrades. The company has continued its global expansion, announcing in December that it would pay $428 million to own 51% of a joint venture in Ghana with African wireless provider MTN Group. This came on the heels of a $430 million acquisition of 1,4000 towers from a South African company in November. It also launched operations in Colombia and Peru and expanded threefold in India earlier in the year. American Tower reported a fourth-quarter profit of $83.5 million, or 21 cents a share, up from $64.4 million, or 16 cents, a year earlier. Revenue increased 22% to $547.6 million. Analysts polled by Thomson Reuters were looking for earnings of 22 cents a share on revenue of $538 million. Operating margin slid to 37.1% from 39.4%. Rental and management revenue climbed 23% to $536.3 million, while network development services revenue slipped 11%. Shares closed at $52.98 and were inactive premarket. -By Lauren Pollock and Lee Roberts, Dow Jones Newswires; 212-416-2356; lauren.pollock@dowjones.com

Stock News for American Tower (AMT)
DateTimeHeadline
11/30/201616:59:07Current Report Filing (8-k)
11/28/201616:38:00American Tower to Speak at the UBS Global Media and Communications...
11/22/201616:17:14Statement of Changes in Beneficial Ownership (4)
11/14/201607:06:10Current Report Filing (8-k)
11/11/201608:30:00American Tower Corporation Releases Information Regarding its...
11/09/201616:18:21Current Report Filing (8-k)
10/27/201617:01:48Quarterly Report (10-q)
10/27/201608:49:00American Tower Boosts Outlook on Climbing Property Revenue
10/27/201607:05:29Current Report Filing (8-k)
10/27/201607:00:00American Tower Corporation Reports Third Quarter 2016 Financial...
10/27/201606:30:00American Tower Corporation and PGGM Announce Creation of European...
10/26/201618:04:58Statement of Changes in Beneficial Ownership (4)
10/18/201616:31:15Statement of Changes in Beneficial Ownership (4)
09/30/201617:02:19Current Report Filing (8-k)
09/29/201616:41:53Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
09/29/201616:30:00American Tower Plans Third Quarter 2016 Earnings Release and...
09/28/201617:06:18Current Report Filing (8-k)
09/28/201617:00:00American Tower Corporation Prices Senior Notes Offering
09/28/201616:19:41Free Writing Prospectus - Filing Under Securities Act Rules 163/433...
09/28/201608:44:03Prospectus Filed Pursuant to Rule 424(b)(5) (424b5)

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