The company said that it expected this trend to be carried on throughout the year.
American Tower reported a total loss of $71.5 million, which amounts to 38 cents per share, for the first quarter, compared with a loss of $42.0 million, or 27 cents per share for 2000. Industry experts had predicted a loss of 39 cents per share, with expectations being see from a loss of 27 cents to a loss of 44 cents, according to tracking firm Thomson Financial/First Call.
American Tower’s first-quarter revenues rose to $262.5 million from $115.5 million a year earlier. Total operating expenses increased to $301.3 million from $139.3 million.
For the full year, American Tower said it expects a loss of $1.50 to $1.73 per share, a highly disappointing result for the company.
The company itself estimates losses of 38 to 45 cents per share for the second quarter, 36 to 44 cents for the third quarter and 37 to 45 cents for the fourth quarter.
