November 3, 2008 / 12:12 PM / 10 years ago

UPDATE 1-American Tower Q3 results tops market estimates

* Q3 EPS of $0.15 tops estimates by a cent

* Revenue $409.3 mln vs estimate $401.7 mln

* Narrows ‘08 rev outlook for rental, management

Nov 3 (Reuters) - American Tower Corp (AMT.N), an operator of wireless and broadcast communications, posted quarterly results that topped market estimates, helped by strong demand for its tower space.

Revenue from rental and management segment, which accounted for 96 percent of the total revenue, rose 10 percent to $394.4 million in the third quarter.

During the quarter ended September 30, American Tower completed the construction of 223 sites, which includes the completion of its first 52 towers in India.

For 2008, the company now expects revenue of about $1.55 billion from its rental and management segment, which accounted for almost 98 percent of its overall 2007 revenue. It was earlier expecting revenue of $1.54 billion to $1.55 billion.

For 2009, the company expects revenue of $1.64 billion to $1.67 billion from rental and management segment. [ID:nWNAB6436]

Shares of the company, which owns and operates over 23,000 sites in the United States, Mexico, Brazil and India, closed up 8 percent at $32.31 Friday on New York Stock Exchange. (Reporting by Purwa Naveen Raman in Bangalore)

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