American Tower Q1 Adj. FFO Tops View; Lifts Midpoint Of FY16 Outlook

(RTTNews) - American Tower Corp. (AMT) reported Friday first quarter net income attributable to shareholders of $248 million or $0.58 per share, 35.4 percent higher than last year.

NAREIT Funds From Operations or FFO increased 32.8 percent to $546 million.

Adjusted FFO was $602.45 million, or $1.41 per share. This was higher than $513.65 million, or $1.25 per share, in last year's first quarter.

Analysts had expected the company to earn $1.30 per share, according figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company said revenue for the quarter rose 19.4% to $1.29 billion. This was up from $1.08 billion last year.

Looking ahead, for fiscal 2016, the Company raised the midpoint of its full year 2016 outlook for property revenue, Adjusted EBITDA and AFFO by $40 million, $25 million and $20 million, respectively.

Total property revenue is expected between $5.585 billion and $5.715 billion, a mid point growth of 20.7% from last year. Adjusted EBITDA would be in a range of $3.460 to $3.55 billion, a growth of 14.3% and AFFO of $2.38 billion to $2.47 billion, a growth of 12.8%.

Net income is expected to be $ 1.01 billion to $1.12 billion, a growth of 58.5%.