American Tower (AMT) Misses Q3 EPS by 5c, Revenues Beat

American Tower (NYSE: AMT) reported Q3 EPS of $1.04, $0.05 worse than the analyst estimate of $1.09. Revenue for the quarter came in at $2.01 billion versus the consensus estimate of $1.97 billion.

Third Quarter 2020

• Total revenue increased 3.0% to $2,013 million
• Property revenue increased 3.4% to $1,988 million
• Net income decreased 8.4% to $463 million
• Adjusted EBITDA increased 5.6% to $1,298 million
• Consolidated AFFO increased 14.7% to $1,022 million

Tom Bartlett, American Tower’s Chief Executive Officer, stated, “We saw strong demand across our global portfolio of communications real estate in the third quarter as our tenants deployed new technology, densified their networks and enhanced critical broadband connectivity for their customers during the ongoing pandemic. As a result, we drove Consolidated AFFO per Share growth of nearly 15% while again delivering solid growth in our dividend.

Looking forward, as 5G deployments in the U.S. accelerate and as wireless technology evolves globally, we believe that our macro tower-oriented footprint is well-positioned to generate consistent, recurring growth and attractive returns. In addition, to further broaden our tenant base and total addressable market, we are pursuing complementary opportunities to extend our communications real estate platform.”

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

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