American Tower Q2 Profit Nearly Doubles; Boosts FY24 Outlook
(RTTNews) - American Tower (AMT) reported Tuesday that net income attributable to the company for the second quarter nearly doubled to $900.3 million or $1.92 per share from $475.7 million or $1.02 per share in the prior-year quarter.
Adjusted Funds From Operations attributable to AMT common stockholders were $2.79 per share, compared to $2.46 per share last year.
Total operating revenues for the quarter grew 4.6 percent to $2.90 billion from $2.77 billion in the same quarter last year. Property revenue improved 4.6 percent to $2.85 billion.
On average, analysts polled by Thomson Reuters expected the company to report earnings of $1.57 per share on revenues of $2.82 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 $11.10 billion to $11.28 billion, net income in a range of $3.225 billion to $3.315 billion, adjusted EBITDA in a range of $7.25 billion to $7.36 billion, and consolidated AFFO in a range of $10.48 to $10.72 per share. The Street is looking for earnings of $6.79 per share on revenues of $11.25 billion for the year.
Previously, the company expected 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.
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