American Tower profit increases
American Tower Corp. reported a 77 percent jump in net income on growing revenue from the cellphone towers the Boston company rents out and manages.
The results topped Wall Street forecasts, but the shares slipped nevertheless. Investors may have been spooked by hints that the company could ramp up its acquisitions, a strategy that can pose risks.
American Tower earned $99.7 million, or 25 cents per share, in the most recent quarter. That was up from $56.3 million, or 14 cents per share, in the same quarter a year earlier.
Revenue grew 11 percent to $469.9 million.
Analysts were looking for earnings of 20 cents per share and revenue of $465.6 million.
Procter & Gamble Co. is betting that heavy advertising will draw budget-conscious households to new products, even those with higher prices, as it tries to build sales and market share in a tough economy.
The consumer products maker said net income fell 12 percent in its fourth quarter, largely because of record spending on marketing. Revenue rose 5 percent, and the Cincinnati company expects continued growth over the next year.
P&G said it earned $2.2 billion, or 71 cents per share, down from nearly $2.5 billion, or 80 cents a share, a year prior. Revenue increased to $18.9 billion.
Analysts expected 73 cents a share on $19.1 billion in revenue.
P&G expects more sales growth in the coming year, projecting organic sales up 4 to 6 percent with net sales up 2 to 4 percent. The company expects earnings in a range of $3.91 to $4.01 per share.
Molson Coors Brewing Co. sold more beer in Canada and Britain in the second quarter, helped by warmer weather and World Cup fans wanting to drink, and net income rose 27 percent on price increases and lower taxes.
But gains in those countries — which had been weak due to the economy — were eclipsed by sagging US sales. The maker of Coors Light and Carling sold 0.7 percent less beer worldwide.
For the three months that ended in June, the brewer posted net income of $237.8 million, or $1.27 per share. That’s up from $187.3 million, or $1.01 per share, in the same period last year.
Excluding one-time items, the company earned $234.5 million, or $1.25 per share.
Analysts, who typically exclude one-time items, expected $1.20 per share on revenue of $876.3 million.
Revenue rose 10.6 percent to $883.3 million. Canada’s sales volume rose 2.6 percent, while sales to retailers rose 2.2 percent, better than the industry’s decline of just under 2 percent.
Pfizer Inc. reported a 9 percent rise in second-quarter profit, trouncing Wall Street expectations as revenue jumped 58 percent due to favorable currency rates and its mega-acquisition of fellow drug maker Wyeth in October. The shares jumped 5 percent on the surprisingly strong report.
The maker of the cholesterol drug Lipitor and impotence pill Viagra said net income for the three months ended July 4 rose to $2.48 billion, or 31 cents per share. A year ago, income was $2.26 billion, or 34 cents a share. Pfizer has since sold millions of new shares to help pay for Wyeth.
Pfizer, the world’s biggest drug maker by sales, reported revenue of $17.33 billion, up from $10.98 billion last year, mainly due to $5.4 billion from Wyeth products. US sales jumped 63 percent and foreign sales rose 54 percent.
Excluding one-time items, income was $4.96 billion, or 62 cents a share. Analysts expected 52 cents a share on revenue of $16.65 billion.
Anemic US consumer spending was offset by strong international growth to help boost MasterCard Inc.’s second-quarter profit by 31 percent.
The gain topped Wall Street profit expectations, but fell short of the 38 percent leap in operating income posted by the company’s larger rival, Visa Inc.
MasterCard’s gains showed the Purchase, N.Y.-based payment processor’s reliance on overseas use of its cards and networks. Worldwide purchasing volume rose 8 percent, while US purchasing volume eked out a gain of less than 1 percent.
Net income rose to $458 million, or $3.49 per share, compared with $349 million, or $2.67 per share, a year ago.
Revenue rose 7 percent to $1.37 billion from $1.28 billion in the 2009 second quarter. MasterCard said the revenue increase reflected the higher cross-border volumes, higher dollar volume of the transactions it processed, and the impact of price increases of 4 percent. Wall Street expected earnings of $3.33 per share on revenue of $1.38 billion.