American Tower Q4 2019 Earnings Report
Key Takeaways
American Tower Corporation reported a decrease in total revenue by 9.8% to $1,924 million, while net income increased by 94.5% to $569 million for the fourth quarter of 2019. The results were impacted by the nonrecurrence of the Tata settlement.
Total revenue decreased 9.8% to $1,924 million.
Property revenue decreased 9.3% to $1,908 million.
Net income increased 94.5% to $569 million.
Adjusted EBITDA decreased 14.6% to $1,217 million.
American Tower
American Tower
American Tower Revenue by Segment
American Tower Revenue by Geographic Location
Forward Guidance
American Tower provided full year 2020 outlook, expecting total property revenue between $7,975 million and $8,125 million, net income between $1,950 million and $2,050 million, Adjusted EBITDA between $5,085 million and $5,185 million, and Consolidated AFFO between $3,740 million and $3,840 million.
Positive Outlook
- Total property revenue is expected to grow by 7.8%.
- Net income is projected to increase by 4.4%.
- Adjusted EBITDA is anticipated to rise by 8.2%.
- Consolidated AFFO is forecasted to grow by 7.6%.
- U.S. property revenue is expected to be between $4,385 million and $4,445 million.
Challenges Ahead
- Foreign currency exchange rate fluctuations are expected to unfavorably impact property revenue by approximately $85 million.
- Foreign currency exchange rate fluctuations are expected to unfavorably impact Adjusted EBITDA by approximately $44 million.
- Foreign currency exchange rate fluctuations are expected to unfavorably impact Consolidated AFFO by approximately $41 million.
- The churn rate is expected to remain elevated in the immediate term due to uncertainty created by the recent court ruling by the Indian Supreme Court.
- International property revenue reflects the Company’s Latin America, Africa, Europe and Asia segments.
Revenue & Expenses
Visualization of income flow from segment revenue to net income