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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
05/05/201517:31:55Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
05/05/201506:04:56Current Report Filing (8-k)
05/04/201517:38:00American Tower Corporation Prices Senior Notes Offering
05/04/201517:15:28Free Writing Prospectus - Filing Under Securities Act Rules 163/433...
05/04/201508:52:14Prospectus Filed Pursuant to Rule 424(b)(5) (424b5)
05/01/201503:14:13American Tower Corp Rating Reiterated by Canaccord Genuity (AMT)
04/30/201518:00:20Quarterly Report (10-q)
04/30/201511:02:03American Tower Corp. Earnings Signal Strong Growth in 2015
04/30/201509:09:04American Tower Corp. Beats the Street, Slashes Sales Guidance
04/30/201507:12:55Current Report Filing (8-k)
04/30/201507:00:00American Tower Corporation Reports First Quarter 2015 Financial...
04/29/201507:05:033 Cheap Dividend Stocks You Can Buy Right Now
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)

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