American Tower Beats On Q2 Revenue Aided By Property Revenue Growth

American Tower Corp (NYSE:AMT) reported second-quarter FY21 revenue growth of 20.2% year-on-year to $2.3 billion, beating the analyst consensus of $2.19 billion.
Property revenue increased 17.9% Y/Y to $2.2 billion, and Services revenue grew 232.8% to $65.9 million.
Tenant Billings grew 10.7% to $165 million. Organic Tenant Billings increased 4.8% to $7.4 million.
Consolidated AFFO per share was $2.42, and EPS was $1.65.
The company generated $952 million in operating cash flow. It held $1.9 billion in cash and equivalents.
Secular growth trends in mobile continued to support meaningful carrier capital investment and wireless network technology advancements throughout its footprint in Q2, CEO Tom Bartlett stated.
In addition to delivering double-digit growth in AFFO per share and 15% dividend growth, the company added nearly 27,000 sites through its Telxius Towers acquisition in the quarter.
Outlook: It sees FY21 property revenue of $8.985 billion - $9.135 billion, versus the prior view of $8.475 billion to $8.625 billion. The company raised the midpoint of its outlook, primarily due to the impacts of its Telxius acquisition.
Price action: AMT shares traded higher by 0.06% at $285.14 on Thursday.