American Tower 1Q Net Up, Boosts '24 Revenue View

By Rob Curran

American Tower posted higher first-quarter net income and boosted its revenue projection for the year as usage of the real-estate investment trust's data centers and cell towers picked up following a postpandemic slump.

The cell-phone tower owner posted first-quarter earnings of $917.4 million, or $1.96 a share, up from $335.8 million, or 72 cents a share, a year earlier.

First-quarter revenue rose 2.4% to $2.83 billion, surpassing the mean Wall Street estimate of $2.794 billion, as tallied by FactSet.

American Tower cut its 2024 earnings projection to a range between $3.08 billion and $3.17 billion from a prior estimated range between $3.31 billion and $3.42 billion.

The cell-phone tower owner boosted its property revenue projection to a range between $11.08 billion and $11.26 billion, from a prior targeted range of between $11.05 billion and $11.23 billion.

American Tower now expects adjusted earnings before interest, taxes, depreciation and amortization in a range between $7.12 billion and $7.23 billion for the year.

Shares of American Tower are down 20% for the year to date, amid distress in the commercial-property market.

Write to Rob Curran at rob.curran@wsj.com

(END) Dow Jones Newswires

April 30, 2024 07:36 ET (11:36 GMT)

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