(RTTNews) - Wireless and broadcast communications infrastructure company American Tower Corp. (AMT: News ) reported Tuesday an increase in third-quarter profit, as revenues grew over 9% at its rental and management segment. Citing its continued strong operating performance, the company reaffirmed its outlook for full year 2009.

For the third quarter, net income attributable to the Boston, Massachusetts-based company increased to $67.35 million or $0.17 per share from $60.47 million or $0.15 per share in the previous year. On average, 15 analysts polled by Thomson Reuters expected the company to report earnings of $0.17 per share for the quarter. Analysts' estimates typically exclude special items.

In its second quarter, the company had reported a sharp decline in profit due to the absence of a hefty gain from discontinued operations recorded in the prior-year second quarter. American Tower posted second quarter net income attributable to the company of $56.3 million or $0.14 per share, compared to $158.8 million or $0.38 per share in the year ago period.

Total operating revenues for the third quarter grew 8.5% to $444.1 million from $409.27 million in the same quarter last year. Twelve analysts had a consensus revenue estimate of $430.02 million for the quarter. In its second quarter, operating revenues grew 7.5% to $423.4 million from $393.7 million last year.

The company's operating revenues constitute revenues of two segments: Rental and management segment and Network development services segment.

For the third quarter, rental and management segment revenues increased 9.2% to $430.52 million from $394.4 million in the comparable quarter a year ago. According to the company, rental and management segment revenue includes $6.7 million of one-time revenue related to a termination agreement with one of the company's broadcast customers. In addition, revenue growth was negatively impacted by about 2.1% due to foreign currency exchange rate fluctuations and 0.9% due to straight-line revenue recognition. Excluding items, core growth in rental and management segment revenue was 10.3%, the company said.
Revenues from Network development services segment decreased to $13.58 million from $14.87 million a year earlier.

Operating income increased to $179.08 million from $154.37 million in the preceding year. Total operating expenses for the quarter grew to $265.03 million from $254.9 million in the prior year.

During the quarter, the company completed construction of 267 communications sites and purchased 304 communications sites, including previously announced acquisition of 230 communications sites in Brazil.

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