This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

American Tower Corporation Reports Second Quarter And First Half 2012 Financial Results

Operating income increased 19.8% to $270.5 million. During the quarter, the Company recognized unrealized non-cash losses of $114.9 million associated with fluctuations in foreign currency exchange rates related to intercompany loans and similar unaffiliated balances. In addition, the Company recorded $47.6 million related to a valuation allowance attributable to net operating losses generated by its international rental and management segment. As a result, net income attributable to American Tower Corporation decreased 58.2% to $48.2 million and net income attributable to American Tower Corporation per basic and diluted common share both decreased 58.6% to $0.12.

Adjusted Funds From Operations (AFFO) increased 14.3% to $300.5 million, and AFFO per Share increased 13.6% to $0.75. Core Growth in AFFO was approximately 23.4%.

Cash provided by operating activities increased 31.0% to $360.9 million.

Segment Results

Domestic Rental and Management Segment – Domestic rental and management segment revenue increased 11.4% to $473.4 million, which represented 68% of total revenues. In addition, domestic rental and management segment Gross Margin increased 14.2% to $385.3 million, while domestic rental and management segment Operating Profit increased 14.0% to $364.2 million. Domestic rental and management segment Operating Profit Margin was 77%.

International Rental and Management Segment – International rental and management segment revenue increased 31.4% to $208.9 million, which represented 30% of total revenues. International rental and management segment pass-through revenues increased 38.9% to $55.3 million. In addition, international rental and management segment Gross Margin increased 28.3% to $135.7 million, while international rental and management segment Operating Profit increased 37.9% to $116.2 million. International rental and management segment Operating Profit Margin was 56% (76%, excluding the impact of $55.3 million of pass-through revenues).

Network Development Services Segment – Network development services segment revenue was $15.5 million, which represented 2% of total revenues. Network development services segment Gross Margin was $8.4 million, and network development services segment Operating Profit was $6.5 million. Network development services segment Operating Profit Margin was 42%.

FIRST HALF 2012 OPERATING RESULTS OVERVIEW

American Tower generated the following operating results for the six months ended June 30, 2012 (unless otherwise indicated, all comparative information is presented against the six months ended June 30, 2011).

2 of 8

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,279.74 +13.75 0.08%
S&P 500 2,010.40 -0.96 -0.05%
NASDAQ 4,579.7890 -13.6380 -0.30%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs