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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.
Revenue by Segment
Revenue by Geographic Location
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.
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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