American Tower Slips To Loss In Q3; Trims FY24 Outlook

(RTTNews) - American Tower (AMT) reported Tuesday a net loss attributable to the company for the third quarter of $792.3 million or $1.69 per share from $586.9 million or $1.26 per share in the prior-year quarter.

Net income from continuing operations were $0.89 per share, compared to $01.68 per share last year.

Adjusted Funds From Operations (AFFO) attributable to AMT common stockholders were $2.64 per share, compared to $2.58 per share last year. Adjusted AFFO was $2.52 per share, compared to $2.45 per share last year.

Total operating revenues for the quarter edged up 0.1 percent to $2.522 billion from $2.521 billion in the same quarter last year. Property revenue decreased 1.0 percent to $2.47 billion.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $1.57 per share on revenues of $2.76 billion for the quarter. Analysts' estimates typically exclude special items.

Looking ahead to fiscal 2024, the company now projects total property revenue in a range of $9.89 billion to $9.98 billion, net income in a range of $1.952 billion to $2.032 billion, adjusted EBITDA in a range of $6.77 billion to $6.85 billion, AFFO in a range of $10.45 to $10.62 per share and adjusted AFFO in a range of $9.86 to $10.03 per share. The Street is looking for earnings of $6.95 per share on revenues of $11.08 billion for the year.

Previously, the company expected total property revenue in the range of $11.08 billion to $11.10 billion to $11.28 billion, net income in the range of $3.225 billion to $3.315 billion, adjusted EBITDA in the range of $7.25 billion to $7.36 billion, and consolidated AFFO in the range of $10.48 to $10.72 per share

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