American Tower swings to 4Q profit |
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Tue, 20 Feb 2007 13:05
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BOSTON (AP) - American Tower Corp., which operates broadcast and communications towers, said Tuesday it moved to a profit in the fourth quarter helped by sharply higher revenue, and the absence of a hefty accounting charge.Net income grew to $18.3 million, or 4 cents per share, from a year-ago loss of $90.7 million, or 22 cents per share. In the year-earlier period, the company saw a charge of 9 cents per share due to a change in accounting principle.Revenue climbed 10 percent to $337.6 million from $307.6 million last year. Rental and management revenue gained 9 percent to $331.2 million, while revenue from network development services surged 33 percent.American Tower's per-share results met Wall Street's expectations, while its revenue topped analysts' target of $335.6 million in revenue, according to a poll by Thomson Financial.For the full year, the company posted net income of $27.5 million, or 6 cents per share, compared with a loss of $181.3 million, or 60 cents per share, last year. Revenue rose 39 percent to $1.32 billion from $944.8 million.Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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American Tower gets Fitch upgrades 