Summary
AMERICAN TOWER CORP /MA/ (AMT) reported a solid first quarter for 2009, demonstrating revenue growth and improved profitability despite the broader economic climate. Total revenues increased by 7% to $408.7 million, driven by a 6% increase in rental and management revenue, which benefited from new tenants, equipment additions, and contractual escalators. Network development services also saw significant growth, up 55%. The company reported net income of $58.8 million, a substantial increase from $42.2 million in the prior year's quarter. This growth was fueled by increased revenues, a lower interest expense, and a more favorable tax provision. The balance sheet remains robust, with total assets at $8.3 billion and stockholders' equity growing to $3.1 billion. Cash flow from operations was strong at $205.7 million, providing ample liquidity, with $303 million in cash and cash equivalents and significant availability under its revolving credit facility.
Financial Highlights
24 data points| Revenue | $408.68M |
| SG&A Expenses | $57.63M |
| Operating Expenses | $258.39M |
| Operating Income | $150.28M |
| Interest Expense | $61.57M |
| Net Income | $58.60M |
| EPS (Basic) | $0.15 |
| EPS (Diluted) | $0.15 |
| Shares Outstanding (Basic) | 397.18M |
| Shares Outstanding (Diluted) | 408.25M |
Key Highlights
- 1Total revenues increased by 7% year-over-year to $408.7 million.
- 2Net income attributable to American Tower Corporation grew by 39% to $58.6 million.
- 3Rental and management revenue, the company's primary revenue driver, increased by 6% to $395.9 million.
- 4Network development services revenue saw substantial growth of 55% to $12.7 million.
- 5Operating income increased to $150.3 million from $144.9 million.
- 6Cash provided by operating activities was $205.7 million, an increase of 13% from the prior year's quarter.
- 7The company maintained compliance with its debt covenants, including a Consolidated Total Leverage Ratio well within the 6.00 to 1.00 limit.