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Wireless and broadcast communications infrastructure company American Tower Corp (NYSE: AMT) reported fiscal second-quarter 2024 revenue growth of 4.6% year-on-year to $2.90 billion, beating the analyst consensus estimate of $2.82 billion.
AFFO per share attributable was $2.79, up 9.8% year over year and against the analyst consensus estimate of $2.53. The stock price gained after the print.
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Property revenue increased 4.6% Y/Y to $2.85 billion. Tenant Billings grew by 6.1%, and Organic Tenant Billings increased by 5.3%.
Adjusted EBITDA increased 8.1% Y/Y to $1.89 billion with a margin of 65.2%.
The company generated $1.01 billion in free cash flow, up 27.5% year over year. As of June 30, 2024, it held $2.5 billion in cash and equivalents.
Steven Vondran, American Tower’s Chief Executive Officer, stated, “Positive collection trends further accelerated in India, our U.S. & Canada segment delivered over 5% Organic Tenant Billings Growth and CoreSite achieved its second highest quarter of signed new business on record, all supporting over 13% Attributable AFFO per Share growth in the quarter, and our ability to raise the midpoints of the key financial measures in our updated 2024 outlook.”
FY24 Outlook: American Tower expects property revenue of $11.10 billion – $11.28 billion (prior $11.08 billion – $11.26 billion). It projects AFFO per share of $10.48 – $10.72 (prior $10.30 – $10.53) vs. consensus $10.39.
American Tower stock gained 13% in the last 12 months.
Price Action: AMT shares traded higher by 2.61% at $220.43 at the last check on Tuesday.
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Posted In: AMT