American Tower Q2 EPS Climbs - Quick Facts

(RTTNews) - Communication tower sites operator American Tower Corp. (AMT) Wednesday said second-quarter net income attributable to the company's common stockholders increased to $230.06 million from $99.82 million last year. Earnings per share rose to $0.58 from $0.25.

On average, 18 analysts polled by Thomson Reuters expected earnings of $0.54 per share for the quarter for the real estate investment trust. Analysts' estimates typically exclude special items.

Adjusted Funds From Operations or AFFO per share advanced to $1.19 from $0.92.

Total operating revenues increased 27.5 percent to $1.031 billion from $808.83 million. Analysts expected revenues of $999.15 million.

Rental and management revenues climbed to $1.01 billion from $789.2 million.

Jim Taiclet, CEO, said, "Our second quarter 2014 results exceeded our expectations across all key metrics due to strong global demand for our tower space.

He added that 4G coverage and densification initiatives by major tenants drove Organic Core Growth of over 11 percent in the U.S., and significant investment levels by tenants internationally drove Organic Core Growth of nearly 18 percent.

The company has raised the midpoint of its full year 2014 outlook for total rental and management revenue by $45 million and AFFO by $30 million.

The company expects net income of $830 million to $850 million, AFFO of $1.755 billion to $1.795 billion and Total rental and management revenue in the range of $3.945 billion to $4.015 billion.