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Jun 30, 2023
American Tower Q2 2023 Earnings Report
American Tower's financial performance for Q2 2023 reflected a mix of growth and challenges, marked by revenue increases alongside a significant decrease in net income due to foreign currency losses.
Key Takeaways
American Tower Corporation reported a 3.6% increase in total revenue, reaching $2,772 million, and a 4.4% increase in property revenue, totaling $2,729 million. However, net income decreased by 48.2% to $462 million, primarily due to foreign currency losses. The company raised its full-year outlook for property revenue, Adjusted EBITDA, and Attributable AFFO, driven by core property outperformance.
Total revenue increased by 3.6% to $2,772 million.
Property revenue increased by 4.4% to $2,729 million.
Net income decreased by 48.2% to $462 million due to foreign currency losses.
The company raised its full-year outlook for property revenue, Adjusted EBITDA, and Attributable AFFO.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
American Tower provided its full year 2023 outlook with midpoints for total property revenue between $10,790 million and $10,970 million, net income between $1,785 million and $1,845 million, Adjusted EBITDA between $6,950 million and $7,030 million, and AFFO attributable to AMT common stockholders between $4,490 million and $4,570 million.
Positive Outlook
- Property revenue outlook midpoint raised by $125 million.
- Adjusted EBITDA outlook midpoint raised by $75 million.
- AFFO attributable to AMT common stockholders outlook midpoint raised by $25 million.
- AFFO attributable to AMT common stockholders per Share outlook midpoint raised by $0.05.
- Driven by core property outperformance.
Challenges Ahead
- Net income and net income attributable to AMT common stockholders outlook midpoint reduced by $10 million.
- Primarily due to foreign currency losses.
- Reflects estimated negative impacts of foreign currency exchange rate fluctuations to property revenue, Adjusted EBITDA and AFFO attributable to AMT common stockholders, each by less than $5 million, relative to the Company’s prior 2023 outlook.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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