Expenses cut into American Tower's earnings

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Higher expenses weighed on the results of American Tower, which posted sharply lower third-quarter earnings.

The company earned $180.1 million, or 45 cents per share, down from earnings of $232.1 million, or 58 cents per share, in the 2012 third quarter..

Adjusted Funds From Operations increased 24 percent to $367.3 million, from $295.3 million last year. FFO is considered a key financial measure for real estate investment trusts like American Tower. It adds back such items as amortization and depreciation to net income.

Analysts, on average, expected FFO of 91 cents per share, according to FactSet.

THE STOCK

American Tower (AMT)

Wednesday’s close:

$80.69 ▲ $0.40, or 0.5%

52-week range $68-$85

Annual dividend $1.12

Dividend yield 1.4%

Price-earnings ratio * 55

Total return YTD 6%

1-year 11%

3-year ** 17%

5-year ** 23%

Market value $31.9 billion

Note: Total returns through Wednesday

* Trailing 12 months; ** Annualized

Source: FactSet, Associated Press


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