S&P 500 component American Tower Corporation reported net income above Wall Street’s expectations for the fourth quarter. American Tower develops, owns, and operates communications sites throughout the country. Among its holdings are wireless communications towers, broadcast communications towers, and distributed antenna system.
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American Tower Earnings Cheat Sheet for the Fourth Quarter
Results: Net income for American Tower Corporation rose to $201.3 million (51 cents per share) vs. $83.5 million (21 cents per share) in the same quarter a year earlier. This is a more than twofold rise from the year-earlier quarter.
Revenue: Rose 19.3% to $653.2 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: American Tower Corporation beat the mean estimate of 31 cents per share. Analysts were expecting revenue of $652.3 million.
Quoting Management: Jim Taiclet, American Tower’s Chief Executive Officer stated, “In 2007, we set out to achieve a goal of simultaneously doubling the size of our communications site portfolio and our Adjusted EBITDA over a five year time horizon. Based on the outlook we have provided today, we expect to accomplish these strategic objectives in 2012, primarily due to our extension of the tower leasing business model into select international markets and the continued growth of our U.S. business.”
Key Stats:
The company topped expectations last quarter after falling short of forecasts in the third quarter with a loss of 4 cents versus a mean estimate of net income of 25 cents per share.
Looking Forward: Analysts appear increasingly optimistic about the company’s results for the next quarter. The average estimate for the first quarter of the next fiscal year has moved up from 34 cents a share to 35 cents over the last seven days. At 78 cents per share, the average estimate for the fiscal year has fallen from 82 cents ninety days ago.
(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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To contact the reporter on this story: Derek Hoffman at staff.writers@wallstcheatsheet.com
To contact the editor responsible for this story: Damien Hoffman at editors@wallstcheatsheet.com
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