American Tower Corp. Q2 Profit Declines; Total Revenue Up 3.6%

(RTTNews) - American Tower Corp. (AMT) reported that its second quarter net income attributable to stockholders decreased 47.0% to $476 million. Earnings per share was $1.02 compared to $1.95. On average, 15 analysts polled by Thomson Reuters expected the company to report profit per share of $1.10, for the quarter. Analysts' estimates typically exclude special items.

AFFO attributable to stockholders decreased 0.4% to $1.15 billion. AFFO attributable to stockholders per share was $2.46, down 2.0% from previous year.

Total revenue increased 3.6% to $2.77 billion. Property revenue increased 4.4% to $2.73 billion. Analysts on average had estimated $2.73 billion in revenue.

For 2023, the company expects AFFO per share in a range of $9.61 to $9.79. Total property revenue is projected in a range of $10.79 billion to $10.97 billion.

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