Summary
American Tower Corporation (AMT) reported its third-quarter and year-to-date results for the period ending September 30, 2024. Total operating revenues remained flat year-over-year for the quarter at $2.52 billion, but showed a slight increase of 0.4% to $7.58 billion for the nine-month period. A significant event during the period was the completion of the sale of its India operations (ATC TIPL) for approximately $2.2 billion, which resulted in a substantial loss from discontinued operations of $1.21 billion for the quarter and $978.3 million for the nine-month period. This divestiture, alongside other operational factors, led to a net loss attributable to common stockholders of $(792.3) million ($1.69 per share) for the quarter, a notable shift from a net income of $586.9 million ($1.26 per share) in the prior year quarter. Despite the net loss, cash flow from operations remained strong, increasing to $4.09 billion for the first nine months, and the company maintained a robust liquidity position with over $10.9 billion in total liquidity.
Financial Highlights
48 data points| Revenue | $2.52B |
| SG&A Expenses | $227.70M |
| Operating Expenses | $1.38B |
| Operating Income | $1.14B |
| Net Income | -$792.30M |
| EPS (Basic) | $-1.70 |
| EPS (Diluted) | $-1.69 |
| Shares Outstanding (Basic) | 467.20M |
| Shares Outstanding (Diluted) | 468.26M |
Key Highlights
- 1Total operating revenues for the third quarter were $2.52 billion, flat compared to the prior year quarter, while for the nine months ended September 30, 2024, revenues increased slightly to $7.58 billion.
- 2The company completed the sale of its India operations (ATC TIPL) on September 12, 2024, for approximately $2.2 billion, which resulted in a significant loss from discontinued operations of $1.21 billion for the quarter and $978.3 million for the nine months.
- 3Net loss attributable to American Tower Corporation common stockholders was $(792.3) million ($1.69 per diluted share) for the third quarter, compared to net income of $586.9 million ($1.26 per diluted share) in the prior year quarter.
- 4Cash provided by operating activities increased to $4.09 billion for the nine months ended September 30, 2024, up from $3.58 billion in the prior year period, demonstrating resilient operational cash generation.
- 5Adjusted EBITDA for the quarter was $1.69 billion, a slight decrease of 0.9% year-over-year, while for the nine months it increased by 0.8% to $5.12 billion.
- 6AFFO (Adjusted Funds From Operations) attributable to common stockholders increased by 3% to $1.24 billion for the quarter and by 9% to $3.85 billion for the nine months, indicating strong underlying cash flow from continuing operations.
- 7The company maintained a strong liquidity position with total liquidity of $10.9 billion as of September 30, 2024, including $8.76 billion available under its credit facilities.