American Tower Revenues, Income Rise In Q2
August 4, 2010 at 4:15 AM (PT)
AMERICAN TOWER second-quarter total revenue increased 11% to $469.9 million, with rental and management segment revenue up 12.2% to $456.5 million, boosted by 1.4% due to foreign currency exchange rate fluctuations and about 2.2% due to straight-line revenue recognition. Excluding the impact of these items, core growth in rental and management segment revenue was 8.6%. Operating income increased 13.4% to $188.7 million, and net income increased from $56.3 million to $99.7 million (25 cents/share).
CEO JIM TAICLET said, "During the second quarter our operational teams in the U.S., LATIN AMERICA, and ASIA yet again delivered solid results with strong growth in both Adjusted EBITDA and Recurring Free Cash Flow. In addition, our development teams remained focused on seeking opportunities for further investment, with the launch of operations in CHILE demonstrating one of their recent successes. We believe the continued solid growth in our existing business and our investments will provide compelling long-term returns for our shareholders."
"We believe strongly that consumer demand for advanced integrated devices and broadband data services will necessitate robust network investment on the part of wireless carriers around the world. Therefore, AMERICAN TOWER will continue to pursue asset growth opportunities in both the U.S. and in select overseas markets, while maintaining our disciplined approach to capital allocation."