By Ezequiel Minaya

American Tower Corp. (AMT) said Thursday that income more than tripled in the latest quarter, powered by a 23% revenue jump in its property segment as the company raised its total property revenue and profit outlook for the year.

The company now expects property revenue between $5.69 billion and $5.73 billion, up from a previous range of $5.61 billion to $5.70 billion. Net income is now expected between $995 million and $1.03 billion, an increase of the bottom end of the previous range of $965 million to $1.03 billion.

The Boston company leases, owns or operates nearly 144,000 communication towers in the U.S. and other countries.

During its most-recent quarter, revenue in the company's property segment increased 23% to $1.50 billion, which was partially offset by a 32% slide to $16.9 million in the services business.

For the quarter ended Sept. 30, the company posted a profit of $237.7 million, or 55 cents a share, up from $76.2 million, or 18 cents a share, a year ago.

Revenue climbed 22.4% to $1.51 billion.

Analysts polled by Thomson Reuters had forecast 55 cents in per-share earnings on revenue of $1.51 billion.

Shares were inactive premarket.

Write to Ezequiel Minaya at Ezequiel.Minaya@wsj.com

(END) Dow Jones Newswires

October 27, 2016 08:34 ET (12:34 GMT)

Copyright (c) 2016 Dow Jones & Company, Inc.
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