American Tower Tightens FY18 Net Income View, Raises AFFO Forecast

(RTTNews) - American Tower Corp. (AMT) on Tuesday said it has lowered the midpoint of its outlook for net income by $5 million.

Net income for the year is now expected to be $1.285 billion to $1.315 billion, with a midpoint growth of 6.1%.

The company previously expected net income of $1.275 billion to $1.335 billion, with a midpoint growth of 6.5%.

Further, the company raised the midpoint of its full year 2018 outlook for property revenue, Adjusted EBITDA and Consolidated AFFO by $325 million, $315 million and $255 million, respectively.

Consolidated AFFO is now expected to be $3.47 billion to $3.50 billion, with a midpoint growth of 20.1 percent. Adjusted EBITDA is expected to be $4.58 billion to $4.62 billion, with a midpoint growth of 12.5 percent, and total property revenue is expected to be $7.20 billion to $7.26 billion, with a midpoint growth of 10.1 percent.

These amounts include increased Organic Tenant Billings Growth expectations in the U.S. and Latin America and also reflect a net positive impact of $300 million to both property revenue and Adjusted EBITDA, a net positive impact of $250 million to Consolidated AFFO and an immaterial impact to net income as a result of the Company's settlement with Tata.