American Tower beats Q3 projections, expands in South Africa

American Tower Corp. (AMT) reported net income of $258.2 million on $499.8 million in revenue during its quarter ending Sept. 30. Income was up 19.2% and revenue jumped 16.1% from the year-ago period.
The company also announced plans to buy 1,400 towers from South Africa’s Cell C in a $430 million deal that includes rights to build an additional 1,800 towers. The wireless tower company beat analyst predictions for the quarter and raised its full-year revenue outlook to at least $1.92 billion.
CEO Jim Taiclet said: “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.”