American Tower Corp. reported favorable financial results for the fourth quarter, as well as positive expectations for 2007, and announced a new $1.5 billion stock-repurchasing program. The tower operator earned $18.3 million during the quarter, a significant improvement from the $90.7 million it lost in the same quarter a year ago.
The company brought in $337.6 million, a 10-percent increase in total revenues, during the quarter. On the news, the company revised its outlook for 2007, saying it anticipates earning $77 million to $93 million by year’s end. The Boston-based company also announced plans to buy back stock through February 2008 using its $281 million in cash and borrowed capital.
“We anticipate the factors which drove much of our new business in 2006 will continue into 2007, including initiatives by U.S. wireless carriers to increase capacity and coverage and deploy new data services,” American Tower’s CEO Jim Taiclet said.
American Tower stock was up 1.6 percent on the news.
AMT rides 3G buildouts to positive Q4
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