- American Tower Corp (NYSE: AMT) reported first-quarter FY23 revenue growth of 4% year-on-year to $2.77 billion, beating the consensus estimate of $2.74 billion.
- Property revenue increased 4.4% Y/Y to $2.72 billion.
- Tenant Billings grew by 7.3%, and Organic Tenant Billings increased by 6.4%.
- AFFO per share attributable was $2.54, a change of (0.4)% Y/Y.
- The company generated $598 million in free cash flow. It held $1.8 billion in cash and equivalents.
- CEO Tom Bartlett stated, “We’re off to a strong start in 2023. In Q1, we saw an acceleration in Organic Tenant Billings Growth, another record quarter of signed new business at CoreSite, and our 11th consecutive quarter of delivering over 1,000 built sites, all of which demonstrates resilient demand across our portfolio of distributed real estate assets as carriers continue to invest in their 4G and 5G networks.”
- FY23 Outlook: American Tower slashed property revenue forecast from $10.685 billion – $10.865 billion to $10.665 billion – $$10.845 billion.
- It raised AFFO per share from $9.49-$9.72 to $9.53-$9.76.
- AMT Price Action: AMT shares traded higher by 0.67% at $202.98 on the last check Wednesday.
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