American Tower (NYSE: AMT) reported Q2 EPS of $0.69, which may not compare to the analyst estimate of $0.81. Revenue for the quarter came rose 7.1% to $1.78 billion versus the consensus estimate of $1.75 billion. Consolidated AFFO per Share increased 13.1% to $1.90.

FULL YEAR 2018 OUTLOOK

The following full year 2018 financial and operational estimates are based on a number of assumptions that management believes to be reasonable and reflect the Company’s expectations as of July 31, 2018. Actual results may differ materially from these estimates as a result of various factors, and the Company refers you to the cautionary language regarding “forward-looking” statements included in this press release when considering this information.

The Company’s outlook is based on the following average foreign currency exchange rates to 1.00 U.S. Dollar for July 31, 2018 through December 31, 2018: (a) 27.90 Argentinean Pesos; (b) 3.85 Brazilian Reais; (c) 645 Chilean Pesos; (d) 2,930 Colombian Pesos; (e) 0.86 Euros; (f) 4.75 Ghanaian Cedi; (g) 69.10 Indian Rupees; (h) 20.00 Mexican Pesos; (i) 360 Nigerian Naira; (j) 5,690 Paraguayan Guarani; (k) 3.30 Peruvian Soles; (l) 13.60 South African Rand; and (m) 3,850 Ugandan Shillings.

The Company is reducing the midpoint of its full year 2018 outlook for property revenue, net income and Adjusted EBITDA by $60 million, $80 million and $30 million, respectively, and reiterating the midpoint of its outlook for Consolidated AFFO.

The Company’s outlook reflects estimated unfavorable impacts from foreign currency exchange rate fluctuations to property revenue, Adjusted EBITDA and Consolidated AFFO, of approximately $116 million, $61 million and $50 million, respectively, as compared to the Company’s prior 2018 outlook. The impact of foreign currency exchange rate fluctuations on net income is not provided, as the impact on all components of the net income measure cannot be calculated without unreasonable effort. Further, the Company’s revised outlook incorporates a reduction of approximately $11 million in TV Azteca interest income as compared to its prior outlook.

The Company’s full year 2018 outlook also reflects estimated unfavorable impacts from Indian Carrier Consolidation-Driven Churn on property revenue, Adjusted EBITDA and Consolidated AFFO of approximately $180 million, $115 million and $90 million, respectively, inclusive of an expected reduction in pass-through revenue of approximately $60 million. At this time, the Company expects the impacts of Indian Carrier Consolidation-Driven Churn to last for several years and anticipates that churn rates in India will return to lower levels once the consolidation process is complete. The Company is providing key outlook measures adjusted to quantify the impacts of Indian Carrier Consolidation-Driven Churn on such measures as it believes that these adjusted measures better reflect the long-term trajectory of its recurring business and provide investors with a more comprehensive analysis of the Company’s business. The impact of Indian Carrier Consolidation-Driven Churn on net income is not provided, as the impact on all components of the net income measure cannot be calculated without unreasonable effort.

For earnings history and earnings-related data on American Tower (AMT) click here.