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Mar 31, 2024
American Tower Q1 2024 Earnings Report
American Tower's financial performance in Q1 2024 was marked by revenue growth and a significant increase in net income.
Key Takeaways
American Tower Corporation reported a 2.4% increase in total revenue, reaching $2,834 million, and a substantial 192.6% increase in net income, amounting to $922 million. The company's AFFO attributable to common stockholders also saw a 10.0% increase, reaching $1,303 million.
Total revenue increased by 2.4% to $2,834 million.
Net income surged by 192.6% to $922 million.
AFFO attributable to AMT common stockholders grew by 10.0% to $1,303 million.
The company is positioned for continued growth, driven by strong demand and strategic initiatives.
American Tower
American Tower
American Tower Revenue by Segment
American Tower Revenue by Geographic Location
Revenue by Segment
U.S. & Canada Prop. Revenue
CapyFin.comLatin America Prop. Revenue
CapyFin.comAfrica & APAC Prop. Revenue
CapyFin.comEurope Prop. Revenue
CapyFin.comServices Revenue
CapyFin.comRevenue by Geographic Location
U.S. & Canada Revenue
CapyFin.comInternational Revenue
CapyFin.com Forward Guidance
American Tower provided full year 2024 outlook, raising the midpoints for property revenue, Adjusted EBITDA, AFFO attributable to AMT common stockholders and AFFO attributable to AMT common stockholders per Share.
Positive Outlook
- Total property revenue is expected to be $11,080 million to $11,260 million.
- Net income is projected to be between $3,080 million and $3,170 million.
- Adjusted EBITDA is anticipated to range from $7,120 million to $7,230 million.
- AFFO attributable to AMT common stockholders is forecasted to be $4,820 million to $4,930 million.
- AFFO attributable to AMT common stockholders per Share is expected to be $10.30 to $10.53.
Challenges Ahead
- Estimated negative impacts of foreign currency exchange rate fluctuations to property revenue, Adjusted EBITDA and AFFO attributable to AMT common stockholders of approximately $15 million, $5 million and $5 million, respectively.
- The U.S. & Canada growth rate includes an estimated negative impact of over 3% associated with a decrease in non-cash straight-line revenue recognition.
- The international growth rate includes an estimated negative impact of over 3% from the translational effects of foreign currency exchange rate fluctuations.
- The midpoint for net income and net income attributable to AMT common stockholders is reduced by $235 million and $240 million, respectively, primarily due to other adjustments resulting in an increase to depreciation, amortization and accretion expense as compared to prior outlook.
- Outlook for Capital Expenditures includes approximately $100 million related to the Company’s India operations.
Revenue & Expenses
Visualization of income flow from segment revenue to net income