UPDATE 2-American Tower posts higher Q4 revenue
(Recasts; adds details, share movement)
Feb 25 (Reuters) - American Tower Corp (AMT.N: Cotización), an operator of wireless and broadcast communications towers, posted a 12 percent rise in preliminary fourth-quarter revenue that also topped market estimates on strong demand for tower space among carriers.
For 2008, the company, which owns and operates over 22,800 sites in the United States, Mexico and Brazil, expects rental and management segment revenue of $1.52 billion to $1.54 billion, up from its prior view of about $1.51 billion to $1.53 billion.
For the fourth quarter, total revenue was $378.1 million. Analysts on average expected revenue of $370.9 million, according to Reuters Estimates.
Rental and management segment revenue rose 12 percent to $370.5 million for the quarter and operating income was up 38 percent to $101.2 million.
American Tower said it was unable to provide complete results for the quarter and the full year as it was evaluating the impact of certain non-cash tax-related items related to the settlement of the bankruptcy proceedings of its discontinued unit Verestar.
Shares the company, which competes with Crown Castle International Corp (CCI.N: Cotización) and SBA Communications Corp (SBAC.O: Cotización), were up 4 cents at $39.84 in morning trade on New York Stock Exchange. The stock has fallen 14 percent since October, when it had touched a 52-week high of $46.53. (Reporting by Purwa Naveen Raman in Bangalore; Editing by Deepak Kannan)
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