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American Tower
🇺🇸 NYSE:AMT
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•
Jun 30, 2020

American Tower Q2 2020 Earnings Report

American Tower's financial performance remained solid in Q2 2020, with revenue and net income showing increases despite challenges from the COVID-19 pandemic.

Key Takeaways

American Tower Corporation reported a 1.2% increase in total revenue, reaching $1,913 million. Property revenue increased by 2.4% to $1,893 million, and net income rose by 3.2% to $448 million. The company focused on maintaining essential connectivity for tenants and strengthened its balance sheet.

Total revenue increased by 1.2% to $1,913 million.

Property revenue increased by 2.4% to $1,893 million.

Net income increased by 3.2% to $448 million.

The company repurchased approximately 51 thousand shares of its common stock for approximately $11 million.

Total Revenue
$1.91B
Previous year: $1.89B
+1.2%
EPS
$2.07
Previous year: $2.01
+3.0%
US/Canada Organic TB Growth
4.7%
Europe Organic TB Growth
2.1%
Africa Organic TB Growth
9.7%
Gross Profit
$1.37B
Previous year: $1.33B
+3.5%
Cash and Equivalents
$2.04B
Previous year: $1.19B
+71.0%
Free Cash Flow
$778M
Total Assets
$41.5B
Previous year: $39.1B
+6.3%

American Tower

American Tower

American Tower Revenue by Segment

American Tower Revenue by Geographic Location

Forward Guidance

American Tower provided full year 2020 financial and operational estimates based on several assumptions, including foreign currency exchange rates. The company lowered the midpoint of its full year outlook for property revenue, net income, and Adjusted EBITDA, while raising the midpoint of its outlook for Consolidated AFFO.

Positive Outlook

  • Estimated favorable impacts of foreign currency exchange rate fluctuations to property revenue
  • Estimated favorable impacts of foreign currency exchange rate fluctuations to Adjusted EBITDA
  • Estimated favorable impacts of foreign currency exchange rate fluctuations to Consolidated AFFO
  • U.S. growth rate includes an estimated positive impact of less than 1% associated with an increase in non-cash straight-line revenue recognition.
  • The company is raising the midpoint of its outlook for Consolidated AFFO by $20 million.

Challenges Ahead

  • Lower straight-line revenue in the U.S.
  • Lower currency-neutral pass-through revenue in international markets.
  • Additional bad debt expense, primarily in India.
  • The Company is lowering the midpoint of its full year 2020 outlook for property revenue by $30 million.
  • The Company is lowering the midpoint of its full year 2020 outlook for net income by $50 million.

Revenue & Expenses

Visualization of income flow from segment revenue to net income

Company Overview

Full financial data and analysis

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