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Sep 30, 2021
American Tower Q3 2021 Earnings Report
American Tower experienced robust demand, driven by carrier investments and expansion initiatives.
Key Takeaways
American Tower Corporation reported strong third-quarter results, with a 21.9% increase in total revenue to $2,454 million and a 56.9% increase in net income to $726 million. The company's growth was supported by carrier investments in network densification, new network technologies, and spectrum deployments.
Total revenue increased by 21.9% to $2,454 million.
Property revenue increased by 19.2% to $2,369 million.
Net income increased by 56.9% to $726 million.
Adjusted EBITDA increased by 19.5% to $1,552 million.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
American Tower provided full year 2021 outlook based on assumptions management believes to be reasonable and reflect the Company’s expectations as of October 28, 2021.
Positive Outlook
- The Company is raising the midpoint of its full year 2021 outlook for property revenue by $10 million.
- The Company is raising the midpoint of its full year 2021 outlook for net income by $170 million.
- The Company is raising the midpoint of its full year 2021 outlook for Adjusted EBITDA by $50 million.
- The Company is raising the midpoint of its full year 2021 outlook for Consolidated AFFO by $60 million.
- The U.S. & Canada growth rate includes an estimated positive impact of nearly 3% associated with an increase in non-cash straight-line revenue recognition.
Challenges Ahead
- The Company’s outlook reflects estimated unfavorable impacts of foreign currency exchange rate fluctuations to property revenue of approximately $30 million.
- The Company’s outlook reflects estimated unfavorable impacts of foreign currency exchange rate fluctuations to Adjusted EBITDA of approximately $20 million.
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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