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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.
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 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.
- The Company’s outlook reflects estimated unfavorable impacts of foreign currency exchange rate fluctuations to Consolidated AFFO of approximately $15 million.
- Actual results may differ materially from these estimates as a result of various factors.
- The Company does not anticipate significant impacts to its underlying operating results in 2021 as a result of the coronavirus.
Revenue & Expenses
Visualization of income flow from segment revenue to net income