American Tower (AMT) Misses Q3 FFO Expectations, Investors Evaluate Mixed Outlook
American Tower (NYSE: AMT) shares are indicated higher in early trading Wednesday amid a third-quarter miss, as expectations for fiscal 2012 have improved.
The company reported a 13.2 percent increase in revs to $713.3 million and the company swung to profit of $232.1 million, or 58 cents per diluted share. Adjusted funds from operations (FFO) were 71 cents.
Overall, the Street was looking for revs of $716.0 million and adjusted FFO of 74 cents.
Looking to the rest of 2012, American Tower boosted its outlook. Total rental and management revenue moved from a range of $2.745 billion to $2.795 billion up to $2.775 billion to $2.805 billion. Net income moves from $535 million to $555 million up to a new range of $625 million to $660 million.
Amid the improved net income outlook, American Tower maintained adjusted FFO flat from last quarter's outlook at $1.185 billion to $1.207 billion
Shares are up about 0.3 percent ahead of the bell.
The company reported a 13.2 percent increase in revs to $713.3 million and the company swung to profit of $232.1 million, or 58 cents per diluted share. Adjusted funds from operations (FFO) were 71 cents.
Overall, the Street was looking for revs of $716.0 million and adjusted FFO of 74 cents.
Looking to the rest of 2012, American Tower boosted its outlook. Total rental and management revenue moved from a range of $2.745 billion to $2.795 billion up to $2.775 billion to $2.805 billion. Net income moves from $535 million to $555 million up to a new range of $625 million to $660 million.
Amid the improved net income outlook, American Tower maintained adjusted FFO flat from last quarter's outlook at $1.185 billion to $1.207 billion
Shares are up about 0.3 percent ahead of the bell.