Summary
American Tower Corporation (AMT) reported solid revenue growth for the second quarter of 2013, with total revenues increasing 16% year-over-year to $808.8 million. This growth was driven by strong performance in both domestic and international rental and management segments, supported by organic growth from existing sites and contributions from newly acquired and constructed sites. The company also saw a significant increase in its network development services revenue. Financially, AMT demonstrated improved profitability, with net income more than doubling to $84.1 million. Adjusted EBITDA saw a healthy 13% increase to $524.0 million. The company managed its debt effectively, repaying significant portions of its outstanding obligations, including the Commercial Mortgage Pass-Through Certificates and portions of its credit facilities. Despite these repayments, AMT maintained robust liquidity, ending the quarter with substantial cash and cash equivalents and significant available borrowing capacity. The company continued its share repurchase program, demonstrating a commitment to returning capital to shareholders.
Financial Highlights
51 data points| Revenue | $808.83M |
| SG&A Expenses | $99.80M |
| Operating Expenses | $496.02M |
| Operating Income | $312.81M |
| Interest Expense | $100.81M |
| Net Income | $99.82M |
| EPS (Basic) | $0.25 |
| EPS (Diluted) | $0.25 |
| Shares Outstanding (Basic) | 395.42M |
| Shares Outstanding (Diluted) | 399.46M |
Key Highlights
- 1Total revenues increased by 16% to $808.8 million for the three months ended June 30, 2013, compared to the same period in 2012.
- 2Net income attributable to American Tower Corporation more than doubled to $99.8 million for the three months ended June 30, 2013, compared to $48.2 million in the prior year period.
- 3Adjusted EBITDA increased by 13% to $524.0 million for the three months ended June 30, 2013, compared to $465.6 million in the prior year period.
- 4The company repaid $1.75 billion of Commercial Mortgage Pass-Through Certificates and a total of $984 million towards its credit facilities during the six months ended June 30, 2013.
- 5Total assets grew to $14.34 billion as of June 30, 2013, up from $14.09 billion as of December 31, 2012.
- 6The company declared distributions of $0.53 per share during the six months ended June 30, 2013, totaling $209.5 million.
- 7Despite significant debt repayments, the company maintained strong liquidity with $448.4 million in cash and cash equivalents and over $2.1 billion in available borrowing capacity as of June 30, 2013.