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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
04/21/201511:43:19Verizon Communications Inc. Crushes Earnings Estimates
04/14/201516:36:41Current Report Filing (8-k)
04/14/201516:30:00American Tower Corporation Declares Preferred Stock Dividends
04/09/201508:39:03Additional Proxy Soliciting Materials (definitive) (defa14a)
04/09/201508:36:13Proxy Statement (definitive) (def 14a)
04/04/201513:12:52Adding 2 Beaten Down Growth Stocks To The Growth Portfolio
04/02/201518:00:00American Tower Plans First Quarter 2015 Earnings Release and...
03/30/201516:47:07Current Report Filing (8-k)
03/30/201516:30:00American Tower Corporation Calls for Redemption of All Outstanding...
03/30/201510:03:21American Tower closes $5B site takeover from Verizon
03/30/201507:39:09Current Report Filing (8-k)
03/30/201507:30:00American Tower Corporation Closes Verizon Transaction
03/13/201517:27:43Statement of Changes in Beneficial Ownership (4)
03/13/201517:27:17Statement of Changes in Beneficial Ownership (4)
03/13/201517:26:24Statement of Changes in Beneficial Ownership (4)
03/13/201517:26:03Statement of Changes in Beneficial Ownership (4)
03/13/201517:25:34Statement of Changes in Beneficial Ownership (4)
03/13/201517:25:34Statement of Changes in Beneficial Ownership (4)
03/12/201517:24:01Statement of Changes in Beneficial Ownership (4)
03/12/201517:23:12Statement of Changes in Beneficial Ownership (4)

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