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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
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)
03/12/201517:23:12Statement of Changes in Beneficial Ownership (4)
03/12/201517:21:52Statement of Changes in Beneficial Ownership (4)
03/12/201517:17:09Statement of Changes in Beneficial Ownership (4)
03/12/201517:14:24Statement of Changes in Beneficial Ownership (4)
03/12/201517:12:53Statement of Changes in Beneficial Ownership (4)
03/12/201517:12:53Statement of Changes in Beneficial Ownership (4)
03/12/201517:12:27Statement of Changes in Beneficial Ownership (4)

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