Summary
American Tower Corporation (AMT) filed an 8-K on March 21, 2017, announcing an update to its 2017 financial outlook. The company revised its full-year guidance upwards, primarily driven by an amendment to a master lease agreement with a tenant. This amendment is expected to generate at least $100 million in additional straight-line revenue for the year. In addition to the revised outlook, AMT also announced the resumption of its stock repurchase program. The company is authorized to purchase up to an additional $1.1 billion of its common stock, signaling a commitment to returning capital to shareholders and potentially enhancing shareholder value. Investors are encouraged to review the updated presentation slides available on the company's website for detailed information on the revised guidance and non-GAAP measures like Adjusted EBITDA.
Key Highlights
- 1American Tower Corporation (AMT) revised its 2017 full-year financial outlook upwards following a master lease agreement amendment with a tenant.
- 2The lease amendment is expected to result in at least $100 million in additional straight-line revenue for 2017.
- 3Revised 2017 guidance anticipates total property revenue between $6,310 million and $6,490 million.
- 4Revised 2017 guidance anticipates net income between $1,275 million and $1,345 million.
- 5Revised 2017 guidance anticipates Adjusted EBITDA between $3,910 million and $4,010 million.
- 6The company is resuming its stock repurchase program, with authorization to buy back up to an additional $1.1 billion of its common stock.
- 7Updated investor presentation slides detailing the revised guidance and non-GAAP measures are available on AMT's website.