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American Tower (AMT) Q2 FFO, Revenues Witness Y/Y Growth

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Have you been eager to see how American Tower Corporation (AMT - Free Report) performed in Q2 in comparison with the market expectations? Let’s quickly scan through the key facts from this Boston, MA-based infrastructure real estate investment trust’s (REIT) earnings release this morning:

FFO Improves Y/Y

American Tower reported second-quarter 2018 consolidated adjusted funds from operations (AFFO) per share of $1.90. The figure came in 13.1% higher than the prior year tally.

How Was the Earnings Surprise Trend?

American Tower has a mixed surprise history. Before posting Q2 results, the company delivered positive surprises in two of the trailing four quarters. In the other two occasions, the company had missed the estimate.
This is depicted in the graph below:

Overall, the company surpassed the Zacks Consensus Estimate by an average of 0.22% in the trailing four quarters.

Revenues Came in Higher Y/Y

American Tower posted quarterly total revenues of $1,781 million which witnessed an increase of 7.1% year over year.

Key Developments to Note

American Tower’s property revenue growth was 6.8% in the second quarter of 2018.

The company exited the quarter with higher cash and cash equivalents.

What Zacks Rank Says

American Tower has a Zacks Rank #4 (Sell). However, since the latest earnings performance is yet to be reflected in the estimate revisions, the rank is subject to change.

(You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.)

Check back later for our full write up on this AMT earnings report!

Note: Anything related to earnings presented in this write-up represent funds from operations (FFO) — a widely used metric to gauge the performance of REITs.

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