American Tower Corp. early Tuesday reported first-quarter financial results in line with analyst expectations.
The company said total revenues were $186.2 million, up 15 percent from the first quarter of 2003. Income from operations increased to $21.8 million from $2.1 million last year. Net loss was $42.9 million, or 19 cents per share, improved from a net loss of $91.6 million, or 47 cents per share, last year.
Adjusted earnings before interest, taxes, depreciation and amortization increased to $106.4 million from $88.9 million in the year-ago period. Net cash from operating activities was $31.7 million, up from $7.1 million last year, while payments for purchase of property and equipment and construction activities decreased to $10.8 million compared with $18.8 million last year. Free cash flow was $26.4 million for the quarter.
During the quarter, American Tower continued to divest non-core assets, including 47 non-strategic towers, a building and its Kline Iron & Steel division, for a total of $15.5 million. The company also acquired 100 towers for $13.1 million during the quarter.
American Tower affirmed its 2004 revenue outlook, saying it expects annual revenue growth to be between 9 percent and 11 percent. The company also “modestly” reduced its 2004 outlook for capital expenditures and now expects them to be between $50 million and $63 million “due to slightly lower-than-anticipated new tower construction in the first quarter.”
The company expects to build 120 to 150 new towers during this year, down slightly from its previous expectation of 120 to 160 new towers. The company’s guidance assumes industry will deploy 15,000 to 17,000 new cell sites this year.
American Tower’s stock was trading slightly down at $13.35 per share following the earnings news Tuesday.
