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Boston, Massachusetts-based American Tower posted second quarter net income attributable to the company of $56.3 million or $0.14 per share, compared to $158.8 million or $0.38 per share in the year ago period.

Among the competitors, Crown Castle International Corp. (CCI) is slated to report its second-quarter results today after the market close. Analysts expect the company to post a loss of $0.45 per share on revenues of $404.75 million.

Another competitor, SBA Communications Corp. (SBAC) today reported a wider loss for the second quarter on higher operating expenses despite the increase in revenues. Net loss was $29.4 million or $0.25 per share, compared to net loss of $26.2 million or $0.24 per share last year. Total revenues for the quarter increased 22% to $136.2 million from the previous year.

Income from continuing operations for the quarter increased slightly to $51.4 million or $0.13 per share from $50.8 million or $0.12 per share in the previous year. On average, 14 analysts polled by Thomson Reuters expected the company to report $0.17 per share. Analysts' estimates typically exclude the special items.

The company noted that net income for the quarter was negatively impacted by certain discrete items in the tax provision and that resulted in an effective tax rate of about 50%. The company's results for the prior-year quarter included income from discontinued operations of $108.1 million.

In the preceding first quarter, American Tower reported net income attributable to the company of $58.6 million or $0.15 per share, compared to $42.2 million or $0.10 per share a year earlier. Income from continuing operations was $55.7 million or $0.14 per share, up from $42.2 million or $0.10 per share a year ago.

Total operating revenues for the second quarter increased 7.5% to $423.4 million from $393.7 million last year. Analysts had a consensus revenue estimate of $414.49 million for the quarter.

Rental and management segment revenue increased 5.8% year-over-year to $406.8 million. However, the segment's revenue growth was negatively impacted by about 2.6% as a result of fluctuations in foreign currency exchange rates and 1.1% as a result of straight-line revenue recognition.

Network development services segment revenue increased to $16.6 million from $9.4 million in the same quarter last year.

Total selling, general, administrative and development expense for the quarter was $49.9 million including $12.8 million of non-cash stock-based compensation expense and an increase of about $4.8 million of bad debt expense.

Adjusted EBITDA increased 5.5% to $287.3 million, while adjusted EBITDA margin was 68%. In addition to the items that caused an increase in selling, general, administrative and development expense, adjusted EBITDA growth was negatively impacted by about 1.9% due to foreign currency exchange rate fluctuations and 0.8% due to straight-line revenue and expense recognition.

In the first quarter, American Tower's total operating revenues were $408.7 million, a 6.9% increase from the previous year.

For the first six months of the year, American Tower reported a net income attributable to the company of $114.9 million or $0.28 per share, compared to $200.9 million or $0.48 per share in the prior year.

Income from continuing operations for the six-month period was $107.1 million or $0.26 per share, compared to $93.0 million or $0.23 per share in the previous fiscal.

Total operating revenues for the six months increased to $832.0 million from $775.9 million a year earlier.

Looking ahead to full year 2009, the company reaffirmed its expectation for rental and management segment revenue in the range of $1.640 billion to $1.665 billion, and network development services segment revenue in the range of $35.0 million to $50.0 million. The company's total operating revenues constitute revenues of these two segments.

Income from continuing operations for the full year is still expected to be in the range of $235 million to $247 million.

Analysts expect the company to report earnings of $0.67 per share on revenues of $1.69 billion for the full year.

Adjusted EBITDA for the year 2009 is expected to be in the range of $1.161 billion to $1.185 billion.

Jim Taiclet, Chief Executive Officer said, "The solid second quarter results delivered by our domestic and international teams, including the successful completion of our acquisition of XCEL Telecom in India, provide us with the confidence to reaffirm our 2009 outlook for revenue, Adjusted EBITDA and cash provided by operating activities."

The company noted that its 2009 outlook is based on average foreign exchange rates for the second half of 13.75 Mexican Pesos to 1.00 US Dollar and 2.00 Brazilian Reais to 1.00 US Dollar. Operations in Mexico and Brazil comprised about 9% and 5%, respectively, of the company's rental and management segment revenues during the second quarter.

AMT is currently trading on the NYSE at $33.21, down $0.32 or 0.95%, with a volume of 1.36 million shares. In the past 52-week period, the stock has traded in the range of $19.35 - $43.43, with an average 3-month volume of 3.87 million shares.

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