Free Research Report as American Tower’s Revenue Grew 11% and AFFO Advanced 16.6%
Stock Monitor: Lamar Advertising Post Earnings Reporting
LONDON, UK / ACCESSWIRE / December 05, 2017 / Active-Investors free earnings report on American Tower Corp. (REIT) (NYSE: AMT) has freshly been issued to its members, and you can also sign up to view this report at www.active-investors.com/registration-sg/?symbol=AMT. The Company reported its third quarter fiscal 2017 operating results on October 31, 2017. The leading international wireless tower operator posted its 18th consecutive quarter of double-digit growth in both adjusted EBITDA and consolidated AFFO. The Company also updated its guidance for the full year 2017. Register today and get free access to our complimentary member's area where many more reports are available:
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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, American Tower most recent news is on our radar and we have decided to include it on our blog post. Today's free coverage is available at:
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Earnings Highlights and Summary
During Q3 2017, American Tower's revenue grew 11% to $1.681 billion. The Company's property revenue grew 10.5% to $1.66 billion for the reported quarter. American Tower's revenue numbers topped analysts' estimates of $1.679 billion.
For Q3 2017, American Tower's consolidated organic tenant billings growth was over 7%, including 6.3% in the United States and 9.3% internationally. The Company's adjusted earnings before interest, tax, depreciation, and amortization (EBITDA) grew approximately 14% to $1.04 billion.
The Company's net income attributable to common stockholders increased 25.5% to $298 million, or $0.69 per diluted common share, for Q3 2017. The Company's consolidated adjusted funds from operations (AFFO) increased 16.6% to $748 million, while its consolidated AFFO per share increased 16% to $1.73, and was ahead of Wall Street's estimates of $1.67 per share.
Acquisitions and Other Transactions
During Q3 2017, American Tower spent $100 million to acquire 938 sites, including 8 sites in the United States and 930 sites in international markets. This included 836 sites as part of the Company's transaction in Paraguay.
Subsequent to the end of Q3 2017, the Company acquired over 500 sites in the United States for a total cash consideration of approximately $465 million. American Tower also entered into an agreement, pursuant to which it will acquire urban telecommunications assets in Mexico, including more than 50,000 concrete poles and approximately 2,100 route miles of fiber for a total consideration of approximately $500 million, subject to certain adjustments. The Company expects this transaction to close by the end of 2017, and to be immediately accretive to consolidated AFFO per share upon closing.
Leverage and Financing Details
For Q3 2017, American Tower's net leverage ratio was 4.4x of net debt. As of September 30, 2017, the Company had $2.5 billion of total liquidity, consisting of $0.8 billion in cash and cash equivalents plus the ability to borrow an aggregate of $1.7 billion under its revolving credit facilities, net of any outstanding letters of credit.
On July 31, 2017, American Tower completed the redemption of all its outstanding 4.500% senior unsecured notes due 2018. Subsequent to the end of Q3 2017, the Company borrowed an additional $690 million under its revolving credit facilities, which it used, together with cash on hand, to fund its acquisition of over 500 sites in the United States and for general corporate purposes.
Stock Repurchase Program
During Q3 2017, American Tower repurchased a total of 0.3 million shares of its common stock for $36 million under its stock repurchase program. As of October 24, 2017, the Company had repurchased a total of 5.9 million shares of its common stock, for a total of $738 million, and had $373 million remaining under its existing stock repurchase program.
Outlook
For FY17, American Tower is forecasting property revenue to grow by about 15% versus last year, to over $6.5 billion, up $15 million compared to its previous outlook. The Company also raised the midpoint of its FY17 outlook for adjusted EBITDA and consolidated AFFO by $15 million and $30 million, respectively, and reducing the midpoint for net income by $20 million, primarily due to an adjustment to depreciation expense in the US.
Stock Performance Snapshot
December 04, 2017 - At Monday's closing bell, American Tower's stock declined 3.23%, ending the trading session at $138.97.
Volume traded for the day: 2.24 million shares, which was above the 3-month average volume of 2.14 million shares.
Stock performance in the last six-month – up 5.52%; past twelve-month period – up 35.49%; and year-to-date – up 31.50%
After yesterday's close, American Tower's market cap was at $60.58 billion.
Price to Earnings (P/E) ratio was at 52.80.
The stock has a dividend yield of 1.90%.
The stock is part of the Financial sector, categorized under the REIT - Diversified industry. This sector was up 0.5% at the end of the session.
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