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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
02/11/201613:55:24Amended Statement of Ownership (sc 13g/a)
02/10/201613:30:06Amended Statement of Ownership (sc 13g/a)
02/10/201610:17:35Amended Statement of Ownership (sc 13g/a)
02/03/201616:30:00American Tower Plans Fourth Quarter and Full Year 2015 Earnings...
01/20/201616:30:00American Tower Corporation Announces Tax Reporting Information...
01/12/201616:31:26Current Report Filing (8-k)
01/11/201616:19:45Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
01/08/201617:29:44Current Report Filing (8-k)
01/08/201617:25:00American Tower Corporation Prices Senior Notes Offering
01/08/201617:01:29Free Writing Prospectus - Filing Under Securities Act Rules 163/433...
01/08/201609:28:29Prospectus Filed Pursuant to Rule 424(b)(5) (424b5)
12/30/201516:30:00American Tower Corporation to Webcast Keynote at the 2016 Citi...
12/17/201516:43:03Statement of Changes in Beneficial Ownership (4)
12/10/201507:08:33Current Report Filing (8-k)
12/03/201516:38:52Current Report Filing (8-k)
12/03/201516:30:00American Tower Corporation Declares Quarterly Distribution
11/30/201517:00:00American Tower Corporation to Hold Investor Day on December 10...
11/23/201516:38:03Tech Dividends: Finding Yields That Are Real
11/18/201516:59:30Statement of Changes in Beneficial Ownership (4)
11/18/201516:58:12Statement of Changes in Beneficial Ownership (4)

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