Carrier Investments Drive American Tower’s 22 Percent Revenue Growth in Q3, Raises FY21 Outlook

By Benzinga
Benzinga
Benzinga
October 29, 2021 Updated: October 31, 2021

American Tower Corp. reported third-quarter FY21 revenue growth of 21.9 percent year-on-year to $2.45 billion, beating the consensus of $2.41 billion. Property revenue increased 19.2 percent Y/Y to $2.37 billion.

Tenant Billings grew 15 percent to $235 million. Organic Tenant Billings increased 4.9 percent to $76 million.

Earnings per share (EPS) of $2.49 was up from $2.23 Y/Y.

The company generated $2.1 billion in operating cash flow. It held $3.7 billion in cash and equivalents.

“We saw strong demand trends across our global business in the third quarter, supported by carrier investments in network densification, new network technologies, and spectrum deployments,” CEO Tom Bartlett said.

Outlook

American Tower raised FY21 property revenue outlook from $8.985 billion – $9.135 billion, versus the prior view of $8.475 billion–$8.625 billion to $9.035 billion–$9.105 billion.

Price action

American Tower shares traded higher by 0.08 percent at $285.66 on the last check Thursday.

By Anusuya Lahiri

© 2021 The Epoch Times. The Epoch Times does not provide investment advice. All rights reserved.

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