American Tower Corp (AMT) has reported a 14.87 percent rise in profit for the quarter ended Mar. 31, 2017. The company has earned $316.08 million, or $0.67 a share in the quarter, compared with $275.16 million, or $0.58 a share for the same period last year.
Revenue during the quarter grew 25.38 percent to $1,616.24 million from $1,289.05 million in the previous year period.
Cost of revenue surged 40.19 percent or $141.26 million during the quarter to $492.71 million. Gross margin for the quarter contracted 322 basis points over the previous year period to 69.52 percent.
Total expenses were $1,084.86 million for the quarter, up 29.58 percent or $247.66 million from year-ago period. Operating margin for the quarter contracted 218 basis points over the previous year period to 32.88 percent.
Operating income for the quarter was $531.38 million, compared with $451.85 million in the previous year period. However, the adjusted EBITDA for the quarter stood at $997.66 million compared with $833.08 million in the prior year period. At the same time, adjusted EBITDA margin contracted 290 basis points in the quarter to 61.73 percent from 64.63 percent in the last year period.
American Tower Corp expects revenue to be in the range of $6,415 million to $6,595 million for financial year 2017. For fiscal year 2017, American Tower Corp forecasts net income to be in the range of $1,300 million to $1,380 million.
Revenue from real estate activities during the quarter increased 25.38 percent or $327.19 million to $1,616.24 million. Revenue from sale of real estate was $22.17 million for the quarter, up 3.64 percent or $0.78 million.
Income from operating leases during the quarter rose 25.75 percent or $326.41 million to $1,594.06 million.
Jim Taiclet, American Tower's chief executive officer stated, "We continued the methodical execution of our operational and financial strategies in the first quarter, extending American Tower’s long track record of delivering double digit growth in property revenue, Adjusted EBITDA and Consolidated AFFO. This consistent performance supported the expansion of our common stock dividend by nearly 22%. We also resumed our share repurchase program during the quarter and have now repurchased more than 3.6 million shares of our stock so far this year for a total of over $400 million."
Operating cash flow improves American Tower Corp has generated cash of $683.10 million from operating activities during the quarter, up 21.22 percent or $119.59 million, when compared with the last year period.
The company has spent $920.29 million cash to meet investing activities during the quarter as against cash outgo of $185.52 million in the last year period.
Cash flow from financing activities was $157.87 million for the quarter as against cash outgo of $366.06 million in the last year period.
Cash and cash equivalents stood at $712.78 million as on Mar. 31, 2017, up 111.88 percent or $376.38 million from $336.40 million on Mar. 31, 2016.
Receivables remain almost stable
Net receivables stood at $1,233.32 million as on Mar. 31, 2017. Accounts payable stood at $109.42 million as on Mar. 31, 2017.
Investments stood at $5.29 million as on Mar. 31, 2017.
Total assets stood at $32,057.39million as on Mar. 31, 2017. On the other hand, total liabilities were at $23,542.56 million as on Mar. 31, 2017.
Return on assets was at 1.53 percent in the quarter. At the same time, return on equity was at 3.92 percent in the quarter.
Total debt was at $18,890.08 million as on Mar. 31, 2017. Shareholders equity was at $7,384.84 million as on Mar. 31, 2017. Meanwhile, debt to equity ratio was at 2.56 percent in the quarter.
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