American Tower Cuts FY22 AFFO View; Lifts Net Income, Adj. EBITDA Targets - Update

(RTTNews) - While announcing higher third-quarter results, American Tower Corp. (AMT) lowered fiscal 2022 outlook for adjusted funds from operations or AFFO, but raised targets for attributable net income, EBITDA and property revenue.

For the year, the company lowered the midpoint of its full year 2022 outlook for Consolidated AFFO and AFFO attributable to AMT common stockholders by $45 million and $40 million, respectively.

Similarly, the company lowered the midpoint of outlook for AFFO attributable to AMT stockholders per Share by $0.09.

However, the company raised the midpoint of its full year 2022 outlook for net income and net income attributable to AMT common stockholders by $290 million and $300 million, respectively.

For fiscal 2022, the company now expects consolidated AFFO in a range of $9.57 to $9.74 per share, and net income in a range of $2.93 billion to $3.01 billion.

The company previously expected consolidated AFFO in a range of $9.62 to $9.86 per share, and net income in a range of $2.555 billion to $2.665 billion.

On average, 16 analysts polled by Thomson Reuters expect earnings of $5.63 per share for the year. Analysts' estimates typically exclude special items.

The company also raised the midpoint of its full year 2022 outlook for property revenue and Adjusted EBITDA by $70 million and $30 million, respectively.

The company now expects total property revenue in a range of $10.40 billion to $10.49 billion, and adjusted EBITDA in a range of $6.58 billion to $6.66 billion.

The company previously expected total property revenue in a range of $10.28 billion to $10.46 billion, and adjusted EBITDA in a range of $6.535 billion to $6.645 billion.