By RTT News, October 30, 2013, 10:36:00 AM EDT
(RTTNews.com) - Communication tower sites operator American Tower Corp. ( AMT ) Wednesday reported a lower third-quarter profit, despite about 13 percent growth in revenues. Quarterly revenues, however, missed analysts' estimates. The company slashed its profit outlook, but raised the lower end of its adjusted FFO view for full year 2013.
Jim Taiclet, chief executive officer of the company said, "We anticipate strong leasing demand for communications site real estate going forward, and through our recently announced acquisitions of Global Tower Partners and portfolios from Nextel International, we have reweighted our asset base toward our three original markets, the U.S., Mexico and Brazil."
In the third quarter, net income attributable to the company declined to $180.12 million or $0.45 per share from $232.09 million or $0.58 per share in the previous year.
On average, 20 analysts polled by Thomson Reuters expected the company to report earnings of $0.53 per share for the quarter. Analysts' estimates typically exclude special items.
Adjusted Funds From Operations or AFFO for the quarter increased to $367.34 million from the previous year's $295.30 million, with AFFO per share increasing to $0.92 from $0.74 last year.
Total operating revenues for the quarter rose 13.3 percent to $807.88 million from $713.34 million in the prior-year quarter. Eighteen analysts had consensus revenue estimate of $822.04 million for the quarter.
Domestic rental and management segment revenue increased 10.3 percent to $529.9 million, and International rental and management segment revenue climbed 22.8 percent to $266.6 million.
For full-year 2013, the company now expects net income of $580 million to $620 million, adjusted FFO of $1.455 billion to $1.475 billion and total rental and management revenue of $3.250 billion to $3.280 billion. Analysts expect the company to report revenues of $3.29 billion for 2013.
Earlier, the company forecast net income of $655 million to $695 million and adjusted FFO of $1.43 billion to $1.48 billion for full year 2013.
AMT is currently trading at $80.65, up 0.45 percent.
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