International growth, domestic strength fuels American Tower's financials

American Tower Corp. (AMT) posted strong fourth-quarter and full-year financial results, noting double-digital growth in both Q4 and full-year revenue and income. Going forward the company expects to earn between $330 and $370 million in 2011 on revenues of $2.2 billion to $2.24 billion.
The company also separated its U.S. operations from its international efforts as it considers moving to a Real Estate Investment Trust stock.
“2010 was an exciting year, as we continued to execute successfully on our strategic goals,” said CEO Jim Taiclet. “We announced expansion into five key new markets, Chile, Colombia, Ghana, Peru and South Africa, while also tripling our portfolio in India and continuing acquisitions and build-to-suit projects in the U.S., Brazil and Mexico.
“We believe our expanded global presence provides us with diversification and enhanced growth prospects, as our markets represent a broad spectrum of wireless industry maturity. In some of these geographies, carriers are working aggressively toward nationwide proliferation of voice services, while in other markets, our customers are focused on achieving the most efficient data networks possible. Both needs continue to fuel significant demand for wireless infrastructure, setting the stage for robust growth in 2011 and beyond.”
American Tower posted operating income of $784.4 million for the year, up 16.7% from the year-ago period, on revenues of nearly $1.99 billion. For the last quarter of the year, the company posted $547.6 million in revenue (up 22.2% from one year ago) for operating income of $203.4 million (up 15.3%). Net income for the quarter came in at $83.5 million, while the company reported net income of $372 million for all of 2010.
Domestic rental and management segment revenue was up 11.2% to $1.57 billion, which represented 79% of total revenues. International rental and management segment revenue jumped 42.6% to $370.9 million, which represented 19% of total revenues, according to the company.