American Tower Beats Estimates (AMT)

American Tower Corporation AMT released financial results on Friday morning that beat Wall Street estimates. American Tower Corporation announced that its 3rd quarter net income rose to $93.4 million, or 23 cents per share, up from $67.4 million, or 17 cents per share, a year earlier. Revenue climbed 15.6% to $513.32 million, up from $444.1 million a year earlier. According to a poll of analysts by Thomson Reuters, the average Wall Street estimate called for earnings of 20 cents per share, on revenue of $487.97 million. Chief executive officer Jim Taiclet said, “During the third quarter, we delivered superior revenue and Adjusted EBITDA performance on our existing asset base, while further extending our operations into key high growth international markets. Our development activity during the quarter included nearly tripling our portfolio in India to 7,600 communication tower sites and the launch of operations in two new countries in Latin America, Peru and Colombia. We also look forward to completing the announced acquisition of 1,400 towers in South Africa, our first entry into the Europe, Africa, Middle East (EMEA) region. We believe that our commitment to maximizing the operating leverage of our current business, while growing our asset base and international presence, positions us well for solid growth in the remainder of 2010 and beyond.” American Tower Corporation (AMT) finished the previous trading day at $52.41 per share. The consensus price target of analysts covering the company's stock is $55.13 per share. Read more from Benzinga's Company news.