American Tower Corp. brought in $59.6 million in profits during the third quarter thanks to a 10% increase in total revenue from the year-ago period, the company announced.
The company also raised its guidance for 2007 based on increased revenues. American Tower now expects to bring in $118 million to $122 million in revenues from continuing operations by year’s end, up from a previous range of $85 million to $95 million.
Estimated service revenues have been upped to between $30 million and $32 million from a previous estimate of $23 million to $27 million. Profits from the third quarter also included $41.7 million in income tax benefits, the company reported.
“Continued robust demand for tower space and diligent operational execution by our managers and employees enabled American Tower to deliver another quarter of double-digit revenue and adjusted EBITDA growth. We expect a strong finish for the year, as reflected in our increased 2007 guidance for tower revenue, and anticipate that the favorable leasing environment will extend through 2008,” CEO Jim Taiclet said.
American Tower’s stock was down more than 3% to $44.32 on today’s news.
AMT cheers investors with profits, raised guidance
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