BOSTON-American Tower Corp., the nation’s largest tower company, posted an operating profit of $176.7 million in its rental and management segment, up 49 percent from a year ago. The company reported revenues of $264.7 million for the third quarter, up 46 percent from the year ago results.
ATC’s results comprise the company’s financial performance as a stand-alone entity through Aug. 3, and the combined results of ATC and SpectraSite Inc. after Aug. 3 following the merger of the two tower companies. The company said $40.6 million of its operating profit came from SpectraSite.
Cash from operations increased to $95.2 million, of which $12.3 million came from SpectraSite, and the company said it has credit facilities worth $2.45 billion.
The company said it completed construction of 66 towers and installed three in-building systems during the quarter.
“2005 has been a transformational year for American Tower. In addition to our merger with SpectraSite, we have significantly strengthened our financial position,” said Jim Taiclet, chairman and chief executive of ATC. “Looking forward to 2006, the fundamentals of the wireless sector, our customers and the tower industry remain strong.”
For the fourth quarter, the company said it expects revenues of between $295 million and $299 million, and between $200 million and $203 million in operating profits.
In addition, ATC said it expects its $750 million stock repurchase program to be completed by the end of 2006. Under the plan, the company expects to utilize cash from operations, borrowings from its credit facilities and cash on hand to fund the program, with management authorized to purchase shares in open market purchases or in privately negotiated transactions at prevailing market prices.
