Sign in

    AMERICAN TOWER CORP /MA/ (AMT)

    Q3 2023 Earnings Summary

    Reported on Jan 4, 2025 (Before Market Open)
    Pre-Earnings Price$161.93Last close (Oct 25, 2023)
    Post-Earnings Price$163.00Open (Oct 26, 2023)
    Price Change
    $1.07(+0.66%)
    • Strong international growth, particularly in Africa, where organic tenant billings growth increased to approximately 12%, driven by higher levels of new business activity that are durable and lasting.
    • The company is focused on deleveraging, aiming to reduce net leverage to 5x in 2024, enhancing balance sheet strength and financial flexibility. Underlying core operating performance is driving double-digit growth without headwinds.
    • Despite a moderation in services revenue, 5G capital spend remains higher than in the 4G cycle, and the company is optimistic about long-term growth prospects due to ongoing 5G deployments.
    • American Tower's leverage remains high at around 5x, and the company aims to reduce it, potentially impacting capital allocation and growth initiatives.
    • Growth in certain international regions is driven by delayed churn, which may not be sustainable and could reverse in future periods.
    • Services revenue dropped significantly in Q3, with uncertainty about its trajectory into Q4 and beyond, indicating potential weakness in that segment.

    Research analysts covering AMERICAN TOWER CORP /MA/.