American Tower Corp. (AMT) Tops Q1 EPS by 1c

American Tower Corp. (NYSE: AMT) reported Q1 EPS of $0.51, $0.01 better than the analyst estimate of $0.50. Revenue for the quarter came in at $984.1 million versus the consensus estimate of $968.18 million. Adjusted Funds From Operations (AFFO) increased 22.8% to $439.3 million, AFFO per Share increased 22.2% to $1.10, and Core Growth in AFFO was approximately 28.2%.

Jim Taiclet, American Tower's Chief Executive Officer stated, “The technology transition from 3G to 4G wireless services in the U.S. is in full swing. We expect 4G device penetration to expand from 26% to 33% during the course of 2014. This 3G to 4G transition, coupled with even more applications, games, music and video services is putting significant strain on wireless networks and is driving elevated demand for tower space.

We are experiencing the benefit of this phenomenon, not only on our legacy domestic sites, but also on the GTP assets we acquired last year, which are already exceeding our original expectations. The resulting strong growth in the U.S. business, augmented by our even faster growing international segment has put us firmly on track to achieve double-digit annual growth in AFFO per Share for the foreseeable future."

The Company has raised the midpoint of its full year 2014 outlook for total rental and management revenue by $70 million, Adjusted EBITDA by $50 million and AFFO by $35 million.

For earnings history and earnings-related data on American Tower Corp. (AMT) click here.

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