American Tower Corporation (NYSE:AMT) reported financial results for the three and nine months ended September 30, 2010.
American Tower (AMT) generated total revenue rise by 15.6% to $513.3 million, and rental and management segment revenue increased 16.1% to $499.8 million.
Rental and management segment Gross Margin increased 16.5% to $388.0 million. Network development services revenue and Gross Margin were $13.5 million and $5.9 million, respectively.
Shares of American Tower Corporation (AMT) closed the trading day at $51.92 close to its 50 day moving average currently set at $50.22. American Tower's price action is just above this important support level translating into a trading opportunity.
American Tower Corporation (AMT) owns, operates, and develops wireless communications and broadcast towers in the United States. The Company leases antennae sites on multi-tenant towers for a diverse range of wireless communications industries. American Tower also offers a variety of network development services.
Recently, mobile network operator Cell C sold its cellphone towers to American Tower Corporation (AMT) for 430m in a sale and leaseback agreement.
American Tower (AMT) is a leading independent owner, operator and developer of broadcast and wireless communications sites. American Tower currently owns and operates over 33,000 communications sites in the United States, Latin America and India.
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Disclosure: "No Positions"