American Tower reports Q1 AFFO EPS $2.79, consensus $2.53

Reports Q1 revenue $2.834B, consensus $2.795B .Steven Vondran, American Tower’s Chief Executive Officer, stated, “The strong performance we saw in 2023, underscored by robust demand across our asset platforms, continued into the first quarter, resulting in Attributable AFFO per Share growth of nearly 10%. With visibility into accelerating activity across the U.S. and Europe, a continuation of elevated new business growth across many of our emerging markets, positive collection trends in India, and another strong quarter of signed leasing at CoreSite, our global business is positioned to deliver quality, recurring growth as we move through the year and over the long-term. By coupling these durable secular trends with our commitment to leveraging a best-in-class operating model to yield efficiencies for American Tower and our customers alike, we see a long runway for driving expansion in our cash margins and optionality to deploy capital towards accretive development opportunities, as we support our customers’ growing network needs. Taken together, we believe we are uniquely positioned to drive sustained growth throughout the 5G cycle and convert increasing demand for our portfolio of digital infrastructure assets into incremental shareholder value throughout 2024 and beyond.”