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American Tower (AMT) Beats Q1 Earnings, Revenue Estimates
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American Tower Corp. (AMT - Free Report) reported impressive financial results in the first quarter of 2017 wherein both the top line and the bottom line outpaced the Zacks Consensus Estimate.
Quarterly adjusted Funds from Operations (AFFO) of $681 million were up 16% year over year. AFFO per share was $1.58, up 15.3% year over year. Moreover, the AFFO per share of $1.58 surpassed the Zacks Consensus Estimate of $1.51.
Total revenue of $1,616 million increased 25.4% year over year outpacing the Zacks Consensus Estimate of $1,569 million.
Adjusted EBITDA in the reported quarter was $998 million, up 19.8% year over year. Adjusted EBITDA margin came in at 61.7% compared with 65% in the year-ago quarter. Selling, general & administrative expenses totaled $164.8 million compared with $135.3 million in the year-earlier quarter. Operating income was $531.4 million, up 17.6% year over year.
In the first quarter of 2017, American Tower generated $683 million of cash from operations, up 21.2% year over year. Free cash flow, in the reported quarter was $506 million, up 25.1% year over year.
At the end of the first quarter of 2017, the company had $712.8 million in cash and cash equivalents and around $17,182.8 million of outstanding long-term debt compared with $782.7 million and $18,294.7 million, respectively, at the end of 2016.
Quarterly revenues grossed $1,594 million, up 25.7% year over year. Operating profit margin was pegged at 64% compared with 67% in the prior-year quarter.
Within the Property segment, revenues from the U.S. totaled $892 million, up 4.7% year over year. Meanwhile, total international revenues came in at $702 million, up 68.8% year over year. Within this, revenues from Asia came in at $276 million, increasing a whopping 338.1% year over year. EMEA revenues grossed $150 million, up 15.4% year over year. Latin America revenues totaled $276 million, up 23.8% year over year.
Services Segment
Quarterly revenues totaled $22 million, exhibiting a year-over-year decline of 37.9%. Operating margin was 57% compared with 44% in the prior-year quarter.
American Tower Corporation (REIT) Price, Consensus and EPS Surprise
For 2017, American Tower anticipates property revenue to be $6,415 - $6,595 million. Net income is expected between $1,300 million and $1,380 million. Adjusted EBITDA is anticipated in the range of $3,980–$4,080 million. Consolidated AFFO is expected in the range of $2,760–$2,850 million.
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American Tower (AMT) Beats Q1 Earnings, Revenue Estimates
American Tower Corp. (AMT - Free Report) reported impressive financial results in the first quarter of 2017 wherein both the top line and the bottom line outpaced the Zacks Consensus Estimate.
Quarterly adjusted Funds from Operations (AFFO) of $681 million were up 16% year over year. AFFO per share was $1.58, up 15.3% year over year. Moreover, the AFFO per share of $1.58 surpassed the Zacks Consensus Estimate of $1.51.
Total revenue of $1,616 million increased 25.4% year over year outpacing the Zacks Consensus Estimate of $1,569 million.
Adjusted EBITDA in the reported quarter was $998 million, up 19.8% year over year. Adjusted EBITDA margin came in at 61.7% compared with 65% in the year-ago quarter. Selling, general & administrative expenses totaled $164.8 million compared with $135.3 million in the year-earlier quarter. Operating income was $531.4 million, up 17.6% year over year.
In the first quarter of 2017, American Tower generated $683 million of cash from operations, up 21.2% year over year. Free cash flow, in the reported quarter was $506 million, up 25.1% year over year.
At the end of the first quarter of 2017, the company had $712.8 million in cash and cash equivalents and around $17,182.8 million of outstanding long-term debt compared with $782.7 million and $18,294.7 million, respectively, at the end of 2016.
American Tower competes with some major wireless tower operators like Crown Castle International Corp. (CCI - Free Report) , SBA Communications Corp. (SBAC - Free Report) and HCP Inc. (HCP - Free Report) . All four stocks currently carry a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Property Segment
Quarterly revenues grossed $1,594 million, up 25.7% year over year. Operating profit margin was pegged at 64% compared with 67% in the prior-year quarter.
Within the Property segment, revenues from the U.S. totaled $892 million, up 4.7% year over year. Meanwhile, total international revenues came in at $702 million, up 68.8% year over year. Within this, revenues from Asia came in at $276 million, increasing a whopping 338.1% year over year. EMEA revenues grossed $150 million, up 15.4% year over year. Latin America revenues totaled $276 million, up 23.8% year over year.
Services Segment
Quarterly revenues totaled $22 million, exhibiting a year-over-year decline of 37.9%. Operating margin was 57% compared with 44% in the prior-year quarter.
American Tower Corporation (REIT) Price, Consensus and EPS Surprise
American Tower Corporation (REIT) Price, Consensus and EPS Surprise | American Tower Corporation (REIT) Quote
Outlook for 2017
For 2017, American Tower anticipates property revenue to be $6,415 - $6,595 million. Net income is expected between $1,300 million and $1,380 million. Adjusted EBITDA is anticipated in the range of $3,980–$4,080 million. Consolidated AFFO is expected in the range of $2,760–$2,850 million.
The Best & Worst of Zacks
Today you are invited to download the full, up-to-the-minute list of 220 Zacks Rank #1 "Strong Buys" free of charge. From 1988 through 2015 this list has averaged a stellar gain of +25% per year. Plus, you may download 220 Zacks Rank #5 "Strong Sells." Even though this list holds many stocks that seem to be solid, it has historically performed 6X worse than the market. See these critical buys and sells free >>