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.
For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com
American Tower Q2 Profit Nearly Doubles; Boosts FY24 Outlook
American Tower Guides FY24 Property Revenue In Line With Estimates - Update
American Tower Trims FY22 Property Revenue Outlook - Update
U.S. Leading Economic Index Edges Down In Line With Estimates In July
U.S. Existing Home Sales Unexpectedly Rebound In July
Walmart Shares Hit As Q2 Profit Misses Street, Updates FY26 Outlook Below View
Philly Fed Index Unexpectedly Returns To Negative Territory In August
