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Sep 30, 2024
American Tower Q3 2024 Earnings Report
American Tower's financial performance reflected a mix of challenges and opportunities, with strategic portfolio adjustments and strong data center leasing offsetting revenue impacts from discontinued operations and foreign currency fluctuations.
Key Takeaways
American Tower Corporation reported a slight increase in total revenue, but a significant decrease in net income due to a loss on the sale of its India operations. Adjusted AFFO per share increased, driven by demand for communications infrastructure and data center services.
Total revenue grew slightly, while property revenue decreased marginally.
Net loss was reported due to a significant loss from discontinued operations related to the sale of ATC India.
Adjusted EBITDA decreased slightly, but AFFO attributable to common stockholders increased.
CoreSite data center business experienced strong leasing activity and is on pace for its third consecutive year of record sales.
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.comData Centers 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 total property revenue and Adjusted EBITDA while reducing the midpoints for Net Income and AFFO attributable to AMT common stockholders.
Positive Outlook
- Raising the midpoints of its full year 2024 outlook for total property revenue by $15 million.
- Raising the midpoints of its full year 2024 outlook for Adjusted EBITDA by $5 million.
- Excluding the impacts associated with the updated closing timing, the Company is raising its AFFO attributable to AMT common stockholders midpoint by $25 million.
- Excluding the impacts associated with the updated closing timing, the Company is raising its AFFO attributable to AMT common stockholders per Share midpoints by $0.05.
- The Company is raising its AFFO attributable to AMT common stockholders and AFFO attributable to AMT common stockholders per Share
Challenges Ahead
- Reducing the midpoints of its full year 2024 outlook for Net Income by $1,238 million, primarily due to a recorded loss on the sale of ATC TIPL of $1.2 billion.
- Reducing the midpoints of its full year 2024 outlook for Net income attributable to AMT common stockholders by $1,253 million, primarily due to a recorded loss on the sale of ATC TIPL of $1.2 billion.
- Reducing the midpoints of its full year 2024 outlook for AFFO attributable to AMT common stockholders by $30 million due to the closing timing for the sale of ATC India.
- Reducing the midpoints of its full year 2024 outlook for AFFO attributable to AMT common stockholders per Share by $0.07, due to the closing timing for the sale of ATC India.
- Outlook reflects estimated negative impacts of foreign currency exchange rate fluctuations to total property revenue, Adjusted EBITDA and AFFO attributable to AMT common stockholders of approximately $25 million, $20 million and $17 million, respectively, relative to the Company’s prior 2024 outlook.
Revenue & Expenses
Visualization of income flow from segment revenue to net income