We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
American Tower (AMT) Tops Earnings & Revenue Estimates in Q3
Read MoreHide Full Article
American Tower Corp (AMT - Free Report) reported impressive results in the third quarter of 2017, wherein the top and the bottom line outpaced the Zacks Consensus Estimate.
This leading international wireless tower operator’squarterly adjusted funds from operations (AFFO) of $748 million were up 16.6% year over year. AFFO per share was $1.73, up 16.1% from the year-ago quarter. Moreover, AFFO per share of $1.73 surpassed the Zacks Consensus Estimate of $1.67.
American Tower Corporation (REIT) Price, Consensus and EPS Surprise
Total revenues of $1,680.77 million increased 10.95% year over year, beating the Zacks Consensus Estimate of $1,679.2 million.
Operating Metrics
Adjusted EBITDA in the reported quarter was $1,040 million, up 13.7% from the prior-year quarter. Adjusted EBITDA margin was 61.9% in the reported quarter. Selling, general & administrative expenses totaled $147.96 million compared with $131.53 million in the year-earlier quarter. Operating income was $561.15 million versus $479.04 million at the end of Sep 30, 2016.
Cash Flow and Liquidity
In the third quarter of 2017, American Tower generated $653 million of cash from operations, down 2.1% year over year. Free cash flow in the reported quarter was $463 million, down 8.6% year over year.
At the end of the quarter under review, the company had $799.47 million in cash and cash equivalents and around $18,581.4 million of outstanding long-term debt compared with $787.16 million and $18,294.7 million, respectively, at the end of Dec 2016.
Property Segment
Quarterly revenues grossed $1,655.35 million, versus $1,497.94 million in the year-ago quarter. Operating profit was $1,060 million and operating profit margin was 64% in the reported quarter.
Within the Property segment, revenues from the United States totaled $904 million, up 8% year over year. Meanwhile, total international revenues amounted $751 million, up 13.6% year over year. Within this, revenues from Asia totaled $298 million, up 10.4% year over year. EMEA revenues grossed $155 million, up 18.3% year over year. Latin America revenues totaled $298 million, up 14.6% year over year.
Services Segment
Quarterly revenues totaled $25.42 million, versus $16.91 million in the year-ago quarter. Operating profit was $13 million and operating profit margin was 53% in the reported quarter.
Cash Dividend Payment
In third-quarter 2017, the board of directors of American Tower declared a cash distribution of 66 cents per share to its common stockholders of record as of the closure of business on Sep 29, payable in the fourth quarter of 2017.
In addition, the company paid $19 million in preferred stock dividends during the quarter under review.
Outlook for 2017
For 2017, American Tower anticipates property revenues in the range of $6,510-$6,580 million, reflecting midpoint growth of 14.6%. Net income is expected between $1,340 million and $1,380 million, reflecting midpoint growth of 40.2%. Adjusted EBITDA is anticipated in the range of $4,070-$4,110 million, reflecting midpoint growth of 15.1%. Consolidated AFFO is expected in the range of $2,870-$2,910 million, reflecting midpoint growth of 16.0%.
Zacks EVP Kevin Matras believes this familiar stock has only just begun its climb to become one of the greatest investments of all time. It’s a once-in-a-generation opportunity to invest in pure genius.
Image: Bigstock
American Tower (AMT) Tops Earnings & Revenue Estimates in Q3
American Tower Corp (AMT - Free Report) reported impressive results in the third quarter of 2017, wherein the top and the bottom line outpaced the Zacks Consensus Estimate.
This leading international wireless tower operator’squarterly adjusted funds from operations (AFFO) of $748 million were up 16.6% year over year. AFFO per share was $1.73, up 16.1% from the year-ago quarter. Moreover, AFFO per share of $1.73 surpassed the Zacks Consensus Estimate of $1.67.
American Tower Corporation (REIT) Price, Consensus and EPS Surprise
American Tower Corporation (REIT) Price, Consensus and EPS Surprise | American Tower Corporation (REIT) Quote
Total revenues of $1,680.77 million increased 10.95% year over year, beating the Zacks Consensus Estimate of $1,679.2 million.
Operating Metrics
Adjusted EBITDA in the reported quarter was $1,040 million, up 13.7% from the prior-year quarter. Adjusted EBITDA margin was 61.9% in the reported quarter. Selling, general & administrative expenses totaled $147.96 million compared with $131.53 million in the year-earlier quarter. Operating income was $561.15 million versus $479.04 million at the end of Sep 30, 2016.
Cash Flow and Liquidity
In the third quarter of 2017, American Tower generated $653 million of cash from operations, down 2.1% year over year. Free cash flow in the reported quarter was $463 million, down 8.6% year over year.
At the end of the quarter under review, the company had $799.47 million in cash and cash equivalents and around $18,581.4 million of outstanding long-term debt compared with $787.16 million and $18,294.7 million, respectively, at the end of Dec 2016.
Property Segment
Quarterly revenues grossed $1,655.35 million, versus $1,497.94 million in the year-ago quarter. Operating profit was $1,060 million and operating profit margin was 64% in the reported quarter.
Within the Property segment, revenues from the United States totaled $904 million, up 8% year over year. Meanwhile, total international revenues amounted $751 million, up 13.6% year over year. Within this, revenues from Asia totaled $298 million, up 10.4% year over year. EMEA revenues grossed $155 million, up 18.3% year over year. Latin America revenues totaled $298 million, up 14.6% year over year.
Services Segment
Quarterly revenues totaled $25.42 million, versus $16.91 million in the year-ago quarter. Operating profit was $13 million and operating profit margin was 53% in the reported quarter.
Cash Dividend Payment
In third-quarter 2017, the board of directors of American Tower declared a cash distribution of 66 cents per share to its common stockholders of record as of the closure of business on Sep 29, payable in the fourth quarter of 2017.
In addition, the company paid $19 million in preferred stock dividends during the quarter under review.
Outlook for 2017
For 2017, American Tower anticipates property revenues in the range of $6,510-$6,580 million, reflecting midpoint growth of 14.6%. Net income is expected between $1,340 million and $1,380 million, reflecting midpoint growth of 40.2%. Adjusted EBITDA is anticipated in the range of $4,070-$4,110 million, reflecting midpoint growth of 15.1%. Consolidated AFFO is expected in the range of $2,870-$2,910 million, reflecting midpoint growth of 16.0%.
American Tower competes with some major wireless tower operators like Crown Castle International Corp (CCI - Free Report) , SBA Communications Corp (SBAC - Free Report) and HCP Inc (HCP - Free Report) . American Tower currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Wall Street’s Next Amazon
Zacks EVP Kevin Matras believes this familiar stock has only just begun its climb to become one of the greatest investments of all time. It’s a once-in-a-generation opportunity to invest in pure genius.
Click for details >>