American Tower Corp.'s (AMT) second-quarter earnings rose 77%, beating analysts' estimates, as the company's revenue jumped and it recorded lower tax expenses.
Chief Executive Jim Taiclet gave a positive outlook on the company's business, saying, "We believe strongly that consumer demand for advanced integrated devices and broadband data services will necessitate robust network investment on the part of wireless carriers around the world."
Cell-tower operators like American Tower - which operates wireless-communication towers in the U.S., Mexico, Brazil and India - have posted stronger results in recent quarters as demand continues to ramp up from wireless carriers who are looking to improve their service.
American Tower reported a profit of $99.7 million, or 25 cents a share, up from $56.3 million, or 14 cents a share, a year earlier. Revenue jumped 11% to $469.9 million.
Analysts polled by Thomson Reuters had most recently forecast earnings of 20 cents on $466 million in revenue.
Operating margin rose to 40.1% from 39.3%. Meanwhile, tax provisions declined to $30.4 million from $51.4 million.
Shares closed at $46.69 Monday and were inactive premarket. The stock has risen 34% in the past year.
-By Nathan Becker, Dow Jones Newswires; 212-416-2855; firstname.lastname@example.org