American Tower Raises FY21 Earnings, AFFO View; Cuts Property Revenue Outlook

(RTTNews) - While reporting its higher first-quarter results on Thursday, American Tower Corp. (AMT) raised the midpoints of its fiscal 2021 outlook for net income, Adjusted EBITDA and Consolidated AFFO by $110 million, $10 million and $25 million, respectively.

Net income for the year is now expected to be in a range of $2.275 billion to $2.375 billion, a growth of 37.5 percent from last year. The company previously expected net income in a range of $2.165 billion to $2.265 billion.

Adjusted EBITDA is now expected to be between $5.60 billion and $5.70 billion, up 9.6 percent from last year, and compared to previous view of $5.59 billion to $5.69 billion.

Further, consolidated AFFO would be $4.085 billion to $4.185 billion, up 9.1 percent from last year, while previous view was in a range of $4.06 billion to $4.16 billion.

Meanwhile, the company lowered the midpoint of its full year 2021 outlook for property revenue by $25 million as a result of unfavorable translational foreign currency exchange rate fluctuations.

Total property revenue is now expected to grow 7.5 percent from last year to $8.475 billion to $8.625 billion, while previous outlook was in a range of $8.50 billion to $8.65 billion.