Wireless-tower operator American Tower Corp (AMT.N) posted better-than-expected quarterly revenue but profit came in line with Wall Street expectations as expenses rose.
Third-quarter net income increased to $67.4 million, or 17 cents per share, from $60.5 million, or 15 cents per share, a year earlier.
Revenue rose 8.5 percent to $444.1 million.
Analysts expected earnings of 17 cents a share, excluding exceptional items, on revenue of $430 million, according to Thomson Reuters I/B/E/S.
Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) increased 9.6 percent to $304.2 million, the company said in a statement.
Third-quarter rental and management revenue, which contributed about 97 percent to the total revenue, rose 9.2 percent to $430.5 million.
Total operating expenses were up 4 percent to $265 million.
The company also reaffirmed its 2009 adjusted EBITDA guidance in the range of $1.16 billion to $1.19 billion.
Shares of the company, which compete with Crown Castle International Corp (CCI.N), closed at $37.13 Monday on the New York Stock Exchange. (Reporting by Shrutika Verma in Bangalore; Editing by Maju Samuel)
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American Tower Q3 profit meets Street view
Source: Reuters
Date: 11/03/2009
