American Tower Q3 Profit Down - Quick Facts

(RTTNews) - Communication tower sites operator American Tower Corp. (AMT) reported that its third-quarter net income attributable to the company declined to $180.12 million or $0.45 per share, from $232.09 million or $0.58 per share in the same quarter last year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.53 per share for the quarter. Analysts' estimates typically exclude special items.

Adjusted Funds From Operations or AFFO for the quarter increased to $367.34 million from the previous year's $295.30 million, with AFFO per share increasing to $0.92 from $0.74 last year.

Total operating revenues for the quarter rose to $807.88 million from $713.33 million in the prior year quarter. Eighteen analysts had consensus revenue estimate of $822.04 million for the quarter.

The company now expects net income of $580 million to $620 million, adjusted FFO of $1.455 billion to $1.478 billion and total rental and management revenue of $3.250 billion to $3.280 billion for full year 2013. Analysts expect the company to report revenues of $3.29 billion for fiscal 2013.

The company said in July that it expected net income of $655 million to $695 million and adjusted FFO of $1.43 billion to $1.48 billion for full year 2013.