American Tower: Q1 Earnings Snapshot

BOSTON (AP) — BOSTON (AP) — American Tower Corp. (AMT) on Tuesday reported a key measure of profitability in its first quarter. The results surpassed Wall Street expectations.

The Boston-based real estate investment trust said it had funds from operations of $1.3 billion, or $2.79 per share, in the period.

The average estimate of four analysts surveyed by Zacks Investment Research was for funds from operations of $2.55 per share.

Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.

The company said it had net income of $917.4 million, or $1.96 per share.

The wireless communications infrastructure company posted revenue of $2.83 billion in the period, also topping Street forecasts. Six analysts surveyed by Zacks expected $2.8 billion.

American Tower expects full-year funds from operations in the range of $10.30 to $10.53 per share.

The company’s shares have declined 19% since the beginning of the year, while the S&P’s 500 index has climbed slightly more than 7%. The stock has fallen 15% in the last 12 months.


This story was generated by Automated Insights ( using data from Zacks Investment Research. Access a Zacks stock report on AMT at

Copyright © 2024 The Associated Press. All rights reserved. This material may not be published, broadcast, written or redistributed.

Federal News Network Logo
Log in to your WTOP account for notifications and alerts customized for you.

Sign up