American Tower Corp (NYSE:AMT) reported third-quarter FY22 revenue growth of 8.8% year-on-year to $2.67 billion, beating the consensus of $2.66 billion.
Property revenue increased 10.2% Y/Y to $2.61 billion.
Tenant Billings grew by 3.9%, and Organic Tenant Billings increased by 2.6%.
AFFO per share attributable was $2.36, down 5.2% Y/Y.
The company generated $468 million in free cash flow. It held $2.25 billion in cash and equivalents.
Tom Bartlett, American Tower’s CEO, stated, “We saw strong leasing trends across our global portfolio of communications assets in the third quarter, as our customers continued to aggressively deploy next generation networks.”
Outlook: American Tower raised the FY22 property revenue outlook from $10.28 billion – $10.46 billion to $10.395 billion – $10.485 billion.
It sees AFFO per share of $9.57 – $9.74.
Price Action: AMT shares traded lower by 0.10% at $196.73 on the last check Thursday.
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