What guidance did American Tower's management provide for the next earnings period?

What is the market's earnings forecast for American Tower next quarter?

What does American Tower do and what are its main business segments?

Did American Tower beat or miss consensus estimates last quarter?

What were the key takeaways from American Tower’s earnings call?

What factors drove the changes in American Tower's revenue and profit?

What is American Tower's latest dividend and current dividend yield?

What is American Tower's gross profit margin?

- **Revenue Growth**: 8% YoY total revenue, 14% data center growth, 5% organic tower growth. 
- **AFFO Guidance**: 7% YoY growth (9% ex-FX), driven by EBITDA expansion and cost control. 
- **CoreSite Strength**: Record retail leasing, mid-teens stabilized yields, 42MW under construction. 
- **Services Pipeline**: Near-record services revenue, 20% YoY app volume growth, 40% colo app growth. 
- **Balance Sheet**: 4.9x leverage, $10.7B liquidity, $28M share buybacks. 
- **Risks**: AT&T Mexico $30M annual reserve, DISH litigation over 2% of US revenue. 
- **AI Opportunity**: CoreSite leading in co-located AI/ML workloads, liquid cooling adoption.

**【CEO Summary Section】**
- Delivered double-digit growth in attributable AFFO per share (7% YoY at midpoint, 9% excluding FX and financing costs). 
- Leasing activity robust across towers (5% organic growth) and data centers (14% revenue growth). 
- Mobile data consumption up 35% YoY in US, driving 5G densification and tower upgrades (75% of US towers upgraded). 
- CoreSite data centers seeing record demand for AI/ML workloads, hybrid cloud deployments, and liquid cooling solutions. 
- Strategic priorities: organic growth (5%+ tenant billings), margin expansion (300bps since 2020), disciplined capital allocation ($3.2B dividend, $1.7B capex). 
- Services revenue at near-record levels, driven by carrier 5G buildouts and densification. 

**【CFO Financial Commentary】**
- Total revenue +8% YoY ($40M FX tailwind), adjusted EBITDA +8%, AFFO +10%. 
- Updated 2025 guidance: 
  - Property revenue: $40M increase (3% YoY, 5% ex-straight-line) 
  - Adjusted EBITDA: $45M increase (4% YoY, 7% ex-straight-line) 
  - AFFO: $50M increase (7% YoY, 9% ex-FX/interest) 
- CoreSite data centers: 13% YoY growth, mid-teens stabilized yields. 
- Balance sheet strength: 4.9x net leverage, $10.7B liquidity. 
- $28M share buybacks post-quarter end under $2B authorized program. 
- AT&T Mexico dispute: $30M annual reserve, $19M already booked, arbitration hearing in August 2026. 

**【Q&A Highlights】**
- **Services Growth**: Near-record pipeline for 2026, driven by 5G mid-band deployment and densification. 
- **Spectrum Auctions**: Higher frequency bands (6-10GHz) will require densification, benefiting tower portfolio. 
- **CoreSite Pre-Lease Share**: 6% drop due to construction-to-leasing transition, not demand slowdown. 
- **Cost Optimization**: 300bps margin expansion since 2020, new COO role focused on supply chain and automation. 
- **M&A Strategy**: Prefers developed market growth (US, Europe) over acquisitions, given private multiples. 
- **DISH Litigation**: Filed declaratory judgment to enforce 2036 MLA, represents 2% of US revenue. 
- **AI Impact**: CoreSite seeing demand for co-located AI/ML workloads, liquid cooling adoption accelerating. 
- **Liquidity**: $10.7B liquidity, 4.9x leverage vs. 5x peer average, enabling $3.2B dividend + growth capex.

American Tower Corporation (AMT) Q3 2025 Earnings Call Transcript

- **Revenue Growth**: Q2 property revenue $1.2B (+1.2% YoY), driven by U.S. services (+near-record) and CoreSite (+13% YoY). 2025 outlook raised by $165M due to FX and outperformance.
- **5G Momentum**: U.S. carriers at 85%, 70%, 50% mid-band coverage; colocations up 200% YoY. Europe mid-band coverage 55%, Africa 4G/5G densification accelerating.
- **Data Center Strength**: CoreSite revenue +13% YoY, DE1 acquisition adds $10M annual revenue. AI-driven demand and interconnection growth sustain margins.
- **Financial Health**: Adjusted EBITDA $1.1B (+1.8% YoY). 2025 AFFO per share $10.56 (+6% YoY). Capital allocation focused on dividend growth and strategic investments.
- **Risks**: Latin America low single-digit growth through 2027, U.S. Cellular deal could reduce exposure by <0.5% of global revenue.

**【CEO Summary Section】**
- **Global Demand and Growth**: Q2 revenue growth driven by strong application volumes (+50% YoY), with U.S. services business near-record due to construction services. CoreSite data center revenue up 13% YoY, fueled by AI and hybrid cloud demand.
- **Regional Highlights**: 
  - **U.S. & Canada**: 5G mid-band coverage at 85%, 70%, and 50% for major carriers; colocations up 200% YoY. Sprint churn nearing completion, reducing future impact.
  - **Europe**: 55% mid-band coverage, with Germany spectrum extensions driving 5G rollout. Organic tenant billings +6.5% YoY.
  - **Africa**: Robust growth from stable carrier landscape and 4G/5G densification. Outlook raised due to FX tailwinds.
  - **Latin America**: Low single-digit growth expected through 2027, with Brazil stabilization but elevated churn.
- **Strategic Initiatives**: Globalization efforts targeting 100+ basis points margin expansion. DE1 data center acquisition adds $10M annual revenue.

**【CFO Financial Commentary】**
- **Q2 Results**: 
  - Property Revenue: $1.2B (1.2% YoY growth, 3% ex-FX). U.S. & Canada +3.7% YoY, International +1% YoY.
  - Adjusted EBITDA: $1.1B (1.8% YoY growth, 4.5% ex-non-cash items). AFFO per share $5.25 (-6.8% YoY due to prior year India reserve).
- **2025 Outlook**: 
  - Property Revenue: $5.1B (+$165M vs prior, $130M FX tailwinds). 
  - Adjusted EBITDA: $4.3B (+$120M). 
  - AFFO: $2.1B (+$55M). 
  - Organic Tenant Billings: 5% YoY (U.S. 4.3%, Europe 5%, Africa/APAC >12%).
- **Capital Allocation**: $1.7B CapEx (down $20M vs prior), with focus on developed markets and data centers. Dividend growth aligned with AFFO.

**【Q&A Key Highlights】**
- **Application Delays**: One U.S. carrier slower in commencing amendments, delaying $5M YoY OTBG. Timing impact minor, pipeline healthy.
- **CoreSite Performance**: Double-digit revenue growth, 100+ basis points margin expansion. DE1 adds $10M annual revenue.
- **Latin America**: Low single-digit growth expected, with Brazil stabilization but elevated churn. 2028 inflection point for recovery.
- **Capital Strategy**: Prioritize dividend (5% growth), CapEx, then M&A or buybacks. Target 5x leverage by year-end.


American Tower Corporation (AMT) Q2 2025 Earnings Call Transcript

- **U.S. 5G Surge**: Services revenue hit $75M in Q1, up 140% YoY, with full-year guidance of $240-250M. New leasing on track for $165-170M, driven by carrier 5G upgrades and densification.
- **CoreSite Dominance**: Data center revenue grew 9%, with 11MW of new capacity added. Cross-connect growth remains strong, supported by enterprise multi-cloud adoption.
- **Balance Sheet Strength**: Net leverage reduced to 5x, $11.7B liquidity, and $1B in new 5% debt issuance. FY25 outlook revised up by $50M in property revenue due to FX tailwinds.
- **Globalization Focus**: Cost optimization (SG&A reduction, supply chain efficiency) and regional best practice replication (e.g., U.S. AI tools in Africa) driving long-term margin expansion.


**【CEO Summary Section】**
- **Global Leasing Momentum**: Q1 marked the fifth consecutive quarter of sequential increases in U.S. application volumes (+60% YoY) and services revenue (+140% YoY), driven by 5G upgrades and new site demand. Europe and emerging markets (e.g., Nigeria, Brazil) showed resilience amid macro challenges.
- **CoreSite Growth**: Data center segment delivered high-single-digit revenue growth, with 11MW of new capacity added in Q1. Cross-connect growth remained strong, supported by enterprise demand for multi-cloud solutions.
- **Portfolio Optimization**: Sold South Africa Fiber business and acquired DE1 data center in Denver, reflecting focus on high-margin, developed markets. Globalization efforts aim to replicate U.S. best practices (e.g., AI-driven analytics, drone inspections) across regions.

**【CFO Financial Commentary】**
- **Topline Performance**: Consolidated organic tenant billings grew 4.7% YoY, with U.S. services revenue hitting its highest level since 2021. Adjusted EBITDA expanded 1.9% YoY, driven by cost control and U.S. services margin improvement.
- **Balance Sheet Strength**: Reduced net leverage to 5x, issued $1B in 5% senior notes, and maintained $11.7B liquidity. FY25 outlook revised up by $50M in property revenue due to favorable FX assumptions.
- **Capital Allocation**: $3.2B common dividend distribution and $1.7B in capex, with 75% of discretionary spend focused on developed markets. Emerging markets capex limited to incremental tenant adds and multiyear build-to-suit agreements.

**【Q&A Highlights】**
- **U.S. Services Outlook**: Q1 services revenue of $75M expected to remain steady in Q2, with full-year guidance of $240-250M. New leasing in U.S. on track for $165-170M, driven by 5G densification and regulatory coverage requirements.
- **Globalization Strategy**: Focus on cost synergies (e.g., SG&A reduction, supply chain optimization) and cross-border replication of regional innovations (e.g., African power program, European book-to-bill processing). No immediate M&A pipeline, but open to disciplined transactions.
- **Emerging Markets Risks**: Monitoring FX volatility and customer payment events in Latin America and Africa. Brazil and Nigeria showing early signs of carrier cash flow improvement.
- **CoreSite Demand**: Cross-connect growth in high-single to low-double digits, with elevated pricing and churn in line with historical trends. Enterprise IT spending on automation driving sustained demand for interconnection hubs.


American Tower (AMT)-29 Apr 25-2025 Q1 Earnings call transcript

- **5G Growth Engine**: U.S. carriers upgraded 65% of sites with mid-band spectrum, 2025 organic tenant billings growth ~4.3% (4.3%+ ex-Sprint churn).
- **Data Center Expansion**: CoreSite at mid-teens yields, $600M+ capex for 12%+ revenue growth, with edge compute synergy potential.
- **Balance Sheet Strength**: 2025 AFFO guidance $10.40 (+4%), 5x leverage target, $1.7B capex focused on developed markets.
- **Emerging Market Restructuring**: Exited India, Australia, and South Africa to focus 75% of AFFO on U.S., Europe, and CoreSite.

**【CEO Summary Section】**
- **Strategic Priorities**: Emphasized balance sheet strength, operational efficiency, and capital allocation discipline. 2025 net leverage target of 5x recurring basis, with $35M annual SG&A savings.
- **5G Momentum**: U.S. carriers upgraded 65% of sites with mid-band spectrum, up from 50% in 2023. 2025 U.S. organic tenant billings growth ~4.3% (excluding Sprint churn), driven by 3% escalators and 2% new business.
- **Data Center Growth**: CoreSite delivered 10% Q4 revenue growth, with $600M+ in data center development under mid-teens stabilized yields.
- **Emerging Markets Restructuring**: Exited India, Australia, and South Africa fiber businesses to focus on developed markets (75% of 2025 unlevered AFFO).

**【CFO Financial Commentary】**
- **2024 Results**: Property revenue $10.5B (1% YoY), AFFO per share $10.54 (+7%). 2025 AFFO guidance $10.40 (+4%), supported by 1% property revenue growth and 12% data center expansion.
- **Cost Management**: 2024 cash SG&A down $35M, 2025 target another $20M reduction. 2025 capital allocation: $1.7B total, 80% to developed markets (U.S. towers, European densification).
- **Balance Sheet**: 5.1x leverage at year-end, targeting <5x in 2025. $1.2B debt refinanced at 5.2% coupon, reducing floating rate exposure to 3%.

**【Q&A Highlights】**
- **U.S. Leasing Dynamics**: 2025 organic growth ~4.3% (4.3%+ excluding Sprint churn), with 30-day delay in non-contracted commencements impacting Q1-Q3.
- **Data Center Integration**: CoreSite underwritten at mid-teens yields, with $80M backlog driving 12%+ revenue growth. Edge compute synergy potential with towers.
- **M&A Strategy**: No immediate M&A pipeline, focusing on developed market capex and share buybacks post-5x leverage.
- **AI Impact**: Video AI applications could drive 5G densification, with 2025 U.S. CapEx $35B (vs. $30B 4G average).

AMT

AMT fundamentals

Earnings Call

You can ask Aime