American Tower Registers 23% Revenue Growth In Q1 Backed By Organic Tenant Billings Growth - American Tower (NYSE:AMT)

American Tower Corp AMT reported first-quarter FY22 revenue growth of 23.2% year-on-year to $2.66 billion, beating the consensus of $2.60 billion.
Property revenue increased 22.1% Y/Y to $2.60 billion.
Tenant Billings grew 10.3%, and Organic Tenant Billings increased 3%.
AFFO per share attributable was $2.55, up 3.7% Y/Y.
The company generated $663.6 million in operating cash flow. It held $2.27 billion in cash and equivalents.
CEO Tom Bartlett stated, "We're off to a strong start in 2022 with Organic Tenant Billings Growth accelerating sequentially in each of our reported segments. 5G is ramping up in the U.S. and Europe today, while 4G coverage and densification initiatives continue to grow in earlier stage markets, and it is clear to us that macro towers will continue to be critical infrastructure for carrier network investments over the next decade and beyond."
Outlook: American Tower raised the FY22 property revenue outlook from $10.22 billion - $10.40 billion to $10.295 billion - $10.475 billion.
Price Action: AMT shares traded higher by 0.67% at $256.52 on the last check Wednesday.