American Tower Quarterly Profit More Than Doubles - Update

(RTTNews) - Communication tower sites operator American Tower Corp. (AMT) Wednesday reported a second-quarter profit that more than doubled from last year, as revenues for the period climbed about 16 percent. However, revenues missed Wall Street analysts' expectations. The company slightly raised its adjusted FFO outlook, while slashed its profit view.

Jim Taiclet, chief executive officer of the company stated, "During the second quarter of 2013, our Core results significantly outperformed our internal expectations as demand for tower space drove robust leasing activity across our global portfolio."

In the second quarter, net income attributable to company surged to $99.82 million or $0.25 per share from $48.21 million or $0.12 per share in the previous year.

Adjusted funds from operations or AFFO for the recent quarter were $0.92 per share, that included receipt of a one-time income tax refund of $4.5 million in one of the company's international markets. The company posted adjusted FFO of $0.77 per share a year earlier.

On average, 21 analysts polled by Thomson Reuters expected earnings per share of $0.52 for the quarter. Analysts' estimates typically exclude one-time items.

Total operating revenues for the quarter climbed 15.9 percent to $808.83 million from $697.73 million last year. Analysts estimated revenues of $814.74 million for the quarter.

Total rental and management revenues were $789.2 million, up 15.7 percent a year earlier. Total rental and management revenue Core Growth was about 18.1 percent.

Domestic rental and management segment revenue increased 10.1 percent to $521 million, and International rental and management segment revenue jumped 28.4 percent to $268.2 million.

For full year 2013, American Tower now expects net income of $655 million to $695 million and adjusted FFO of $1.43 billion to $1.48 billion.

Earlier, the company forecast adjusted FFO in the range of $1.42 billion to $1.47 billion, and net income in the range of $765 million to $840 million.

The company reaffirmed its full year outlook for total rental and management revenue and raised adjusted EBITDA by $5 million and AFFO by $10 million.

AMT is currently trading at $70.22, down 3.36 percent, on a volume of 2.03 million shares.