April 29, 2009 / 11:16 AM / 10 years ago

CORRECTED - CORRECTED-UPDATE 1-American Tower profit narrowly misses estimat

(Corrects third bullet point and paragraph six to show the company did not cut EBITDA outlook)

* Q1 EPS of 14 cents miss est by penny

* Q1 revenue misses estimates

* Sees ‘09 adjusted EBITDA of $1.16-$1.18 bln

April 29 (Reuters) - Wireless-tower operator American Tower Corp (AMT.N) posted a quarterly profit that missed Wall Street targets by a penny, hurt by higher operating expenses.

First-quarter net income increased to $58.6 million, or 15 cents per share, from $42.2 million, or 10 cents per share, a year earlier. Revenue rose 6.9 percent to $408.7 million. [ID:nWNAB9846]

Income from continuing operations rose to 14 cents a share, compared with 11 cents a share, a year ago.

Analysts expected earnings of 15 cents a share, excluding exceptional items, on revenue of $409.3 million, according to Reuters Estimates.

Total Operating expenses rose 4 percent to $150.3 million.

The company also sees 2009 adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) of $1.16 billion to $1.18 billion.

Shares of the company, which compete with Crown Castle International Corp (CCI.N), closed at $32.54 Tuesday on the New York Stock Exchange. (Reporting by Shrutika Verma in Bangalore; Editing by Anil D’Silva)

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