Why did AMT's Q2 2024 EPS exceed forecasts?

American Tower's Q2 2024 EPS exceeded forecasts due to several key factors: 1. **Strong Revenue Growth**: American Tower reported total revenues of $2.83 billion for Q1 2024, which outpaced the Zacks Consensus Estimate of $2.80 billion. This revenue growth was driven by robust demand across its asset platforms, continued into the first quarter, resulting in attributable AFFO per share growth of nearly 10%. 2. **Organic Tenant Billings Growth**: The company experienced healthy year-over-year organic tenant billings growth of 5.4% and total tenant billings growth of 6.3%. This indicates strong demand for its services and contributes to higher earnings. 3. **Cost Management**: American Tower recorded total operating expenses of $1.60 billion, which declined from $2.07 billion in the prior quarter and $1.99 billion a year ago. This cost management likely contributed to higher net margins and, subsequently, higher EPS. 4. **Foreign Exchange Benefits**: The company's India business and foreign exchange volatility-related issues had impacted its Q4 earnings. However, with the sale of the India business to Brookfield and a commitment of a larger share of development capital to the U.S. and Europe, these issues were mitigated. In summary, American Tower's Q2 2024 EPS exceeded forecasts due to strong revenue growth, organic tenant billings growth, cost management, and foreign exchange benefits.