American Tower Revenues Up, Income Hit By Debt Reduction Costs For First Quarter 2015
July 30, 2015 at 3:56 AM (PT)
AMERICAN TOWER CORP. second-quarter revenue increased 13.9% to $1.174 million, with total rental and management revenue increasing 14.8% to $1,154 million, but net income attributable to common stockholders, mostly due to a one-time charge of about $75 million in debt reduction costs plus depreciation, decreased 43.8% to $129 million (31 cents/share and 30 cents/diluted share).
Domestic rental and management revenue increased 21.7% to $803 million, with domestic operating profit up 16.7% to $589 million (75% of total operating profit); International rental and management revenue rose 1.6% to $351 million, with operating profit up 8.2% to $192 million.
CEO JIM TAICLET said, "Our second-quarter 2015 results reflected yet another quarter of strong demand for our tower space both domestically and abroad. In the U.S., we are rapidly integrating our VERIZON portfolio, which already has more than 900 lease applications in its pipeline. Internationally, leasing activity from our top customers, including TELEFÓNICA, AMÉRICA MÓVIL and AIRTEL, drove Organic Core Growth in revenue of nearly 12%.
"In addition, we are confident that the customer network investment trends developing in markets like MEXICO, INDIA and BRAZIL position us well to not only deliver 2015 Core Growth of over 20% in rental and management revenue, Adjusted EBITDA and AFFO, but also to drive compelling growth in all three of these metrics well into the future."