American Tower Corp (NYSE: AMT) reported fourth-quarter fiscal 2023 revenue growth of 3.0% year-on-year to $2.79 billion, beating the consensus estimate of $2.74 billion.
Property revenue increased 4.6% Y/Y to $2.77 billion. Tenant Billings grew by 7.1%, and Organic Tenant Billings increased by 6.1%.
Adjusted EBITDA increased 3.2% Y/Y to $1.76 billion. AFFO per share attributable was $2.29, down by 2.1% Y/Y and against the consensus of $2.20.
The company generated $611 million in free cash flow, up by 17.7% Y/Y. It held $2.09 billion in cash and equivalents as of December 31, 2023.
Steven Vondran, American Tower’s Chief Executive Officer, stated, “We delivered another year of solid results at American Tower. In 2023, we combined record colocation and amendment growth in the US & Canada and a second consecutive year of record sales at CoreSite, with resilient performance in our international markets.”
“Looking to 2024 and beyond, technology evolutions such as 5G, AI, and the requirement for more distributed compute workloads are expected to drive tremendous demand for our communications infrastructure assets.”
FY24 Outlook: American Tower expects property revenue of $11.05 billion – $11.23 billion. It projects AFFO per share of $10.21 – $10.45 vs. consensus $10.30.
Price Action: AMT shares traded lower by 3.05% at $181.99 on the last check Tuesday.
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