American Tower Corp. (NYSE: AMT) reported Wednesday that its fourth-quarter profit dropped 25 percent as higher costs offset an increase in revenue, according to Associated Press.
The company, operates cell phone and broadcast towers that route mobile calls and TV and radio broadcast signals, also said it has purchased an Indian communications site owner for $430 million.
Top Best Penny Stocks, a leading financial publication, is pleased to alert investors of stocks on the move. Sign up for our Free Stock Newsletter.
The company earned $64.4 million, or 16 cents per share, for the fiscal fourth quarter, compared to $85.8 million, or 21 cents per share, in the same quarter a year earlier.
Revenue rose by 9.7 percent to $448 million from $408.3 million. Earnings fell short of the 18-cents per share in profit expected by analysts, according to Thomson Reuters. However, revenue topped their $445.2 million forecast.
For the year, American Tower earned $246.6 million, or 61 cents per share, compared with $347.2 million, or 84 cents per share, in 2008. Revenue rose 8 percent to $1.72 billion.
Transcend, American Tower's Indian subsidiary, is acquiring Essar Telecom Infrastructure Private Ltd. for cash and assumed debt. Essar owns and operates 4,450 wireless towers in India and its acquisition would expand American Tower's sites in India to 7,000.
The deal is expected to close at the end of the second quarter.
Shares of American Tower rose 3 cents to $42.84 in midday trading.
Sign up for Top Best Penny Stocks' free newsletter. To subscribe, enter your e-mail address into the frame at the bottom of this press release or visit our website.
Follow us on Twitter: http://www.Twitter.com/topbestps
About Us
Top Best Penny Stocks is a leading stock web site that allows investors and interested parties to research stocks that are on the move. We also track small cap companies that are on the brink of a financial breakout. To feature a company on our web site please contact us at the email listed below.
Please click here to read the full disclaimer.
