American Tower Corp., one of the nation's largest owner of cell phone towers, on Tuesday said net income for the third quarter rose 11 percent on the back of strong growth for its tower rental and management revenue. The company earned $67.4 million, or 17 cents per share, compared with $60.5 million, or 15 cents, in the same quarter a year earlier. Revenue rose 8.5 percent to $444.1 million, which includes $6.7 million from the termination of a contract with a broadcast customer. American Tower also owns and operates broadcast towers. Year-earlier third-quarter revenue was $409.3 million Analysts polled by Thomson Reuters expected earnings of 17 cents per share on revenue of $430 million, on average. American Tower also said it finished building 267 sites in the quarter and purchased 304, including 230 sites in Brazil. In the current quarter thus far, the company has bought 326 sites in India. Shares of American Tower, based in Boston, gained $1.29, or 3.5 percent, to close at $38.42 Tuesday. |