American Tower shares rise on 3Q revenue beat

SAN FRANCISCO (AP) ? American Tower Corp., which owns communications towers and antennas and rents services to wireless companies and broadcasters, reported a third-quarter loss on Tuesday largely because of fluctuations in currency exchange rates.

The company’s net loss was $15.7 million, or 4 cents per share, compared with net income of $93.4 million, or 23 cents per share, a year ago.

The company’s results were dragged down by $145 million in non-cash losses caused by what American Tower described as currency fluctuations that hurt the value of its intercompany loans and other financial tools.

Revenue rose 23 percent to $630 million, up from $513 million a year ago and above the $616 million expected by analysts polled by FactSet.

Shares rose $1.82, or 3.3 percent, to $56.92 during regular session trading after the results were reported.