American Tower Q1 Profit Nearly Triples; Boosts FY24 Outlook

(RTTNews) - American Tower (AMT) reported Tuesday that net income attributable to the company for the first quarter soared to $917.4 million or $1.96 per share from $335.8 million or $0.72 per share in the prior-year quarter.

Adjusted Funds From Operations attributable to AMT common stockholders were $2.79 per share, compared to $2.54 per share last year.

Revenues for the quarter grew 2.4 percent to $2.83 billion from $2.77 billion in the same quarter last year.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $1.78 per share on revenues of $2.80 billion for the quarter. Analysts' estimates typically exclude special items.

Looking ahead to fiscal 2024, the company now projects total property revenue in a range of $11.08 billion to $11.26 billion, net income in a range of $3.065 billion to $3.155 billion, adjusted EBITDA in a range of $7.120 billion to $7.230 billion, and consolidated AFFO in a range of $10.30 to $10.53 per share. The Street is looking for earnings of $7.15 per share on revenues of $11.19 billion for the year.

Previously, the company expected total property revenue in a range of $11.05 billion to $11.23 billion, net income in a range of $3.305 billion to $3.415 billion, adjusted EBITDA in a range of $7.080 billion to $7.190 billion, and consolidated AFFO in a range of $10.21 to $10.45 per share.

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