American Tower: Financials Reflect Shift of Focus to Core

American Tower saw revenues drop 5% to $177.2 million in the first quarter. But the company said rental and management revenues were up 16%, to $146.5 million, and that operating profit in those sectors was up 30%. It said it is focusing on those core operations.
The company lost 41 cents per share compared to 29 cents per share in the same quarter last year; EBITDA increased 35% and EBITDA margin to 50.6%.
“Perhaps the most satisfying aspect of the quarter has been to see our investors making money once again,” said Chairman/CEO Steve Dodge.
American Tower anticipates a “solid lease-up environment” for its existing towers this year.