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American Tower 2Q Net Up 16% On Rental, Management Revenue Growth

DOW JONES NEWSWIRES American Tower Corp.'s (AMT) second-quarter earnings rose 16% as the rental and management business drove revenue growth, though network-development services revenue fell slightly. The cell-tower operator, with sites in the U.S., Latin America, India and South Africa, has seen its sales and profit grow in recent quarters, helped by strong demand for broadband-data services in the U.S. and its ongoing global expansion. American Tower expects to have nearly as many towers in its international operations as in the U.S. by the end of 2011 and has said the deployment of 4G networks in the U.S. will provide ongoing revenue growth for the next few years. American Tower reported a profit of $115.2 million, or 29 cents a share, up from $99.7 million, or 25 cents a share, a year earlier. Revenue jumped 27% to $597.2 million. Analysts polled by Thomson Reuters had most recently forecast earnings of 23 cents on revenue of $585 million. Operating margin fell to 37.8% from 40.2%. Revenue grew 28% for the rental and management business, which makes up a bulk of the top line, while network-development services revenue slipped 0.4%. Shares closed Monday at $52.50 and were inactive premarket. The stock has risen 12% over the past year. -By Melodie Warner, Dow Jones Newswires; 212-416-2283; melodie.warner@dowjones.com

Stock News for American Tower (AMT)
DateTimeHeadline
11/25/201400:40:38Bharti To Sell Nigerian Towers To American Tower For $1 Billion
11/21/201419:56:34American Tower to Buy Tim Celular Brazil Towers for About $1.2...
06/15/201423:40:41American Tower Corporation to Buy Brazilian Telecoms Firm for...
02/25/201408:05:25American Tower Revenue Up on Strong Rental Business
11/15/201309:18:03OZ Management LP 3Q 13F: Largest Purchases -2-
11/15/201309:18:02OZ Management LP 3Q 13F: Largest Purchases
11/15/201309:18:02OZ Management LP 3Q 13F: Holdings As Of Sep 30 -2-
11/15/201309:18:02OZ Management LP 3Q 13F: Holdings As Of Sep 30
11/15/201309:01:37HBK Investments LP 3Q 13F: Largest Eliminations
11/15/201309:01:27HBK Investments LP 3Q 13F: Largest Eliminations -2-
11/15/201309:01:27HBK Investments LP 3Q 13F: Largest Sales
11/15/201309:01:27HBK Investments LP 3Q 13F: Largest Purchases
11/15/201308:55:37Highbridge Capital Management 3Q 13F: Largest Eliminations
11/15/201308:55:35Highbridge Capital Management 3Q 13F: Largest -2-
11/15/201308:55:35Highbridge Capital Management 3Q 13F: Largest Sales
11/15/201308:55:35Highbridge Capital Management 3Q 13F: Largest Purchases
11/15/201308:53:17D. E. Shaw & Co. LP 3Q 13F: Holdings As Of Sep 30 -2-
11/15/201308:53:17D. E. Shaw & Co. LP 3Q 13F: Holdings As Of Sep 30
11/15/201308:46:13Glenview Capital Management 3Q 13F: Holdings As Of Sep 30
11/15/201308:46:13Glenview Capital Management 3Q 13F: Largest Purchases

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