American Tower Corporation reported fourth quarter financial results that exceeded analyst expectations, as the cell tower operator saw solid demand across its global portfolio.
American Tower shares were down 0.07% in pre-market trading following the earnings release.
The company posted adjusted funds from operations (AFFO) of $2.32 per share in Q4, up from $2.29 per share in the year-ago quarter and above the consensus estimate. Revenue rose 3.7% year-over-year to $2.55 billion, topping analyst projections of $2.52 billion.
For the full year 2024, American Tower generated AFFO of $10.54 per share on revenue of $10.13 billion.
“We posted another year of solid results at American Tower, delivering AFFO per Share growth supportive of our long-term target, while demonstrating effective execution of the strategic priorities I laid out a year ago,” said CEO Steven Vondran.
Looking ahead, the company forecast 2025 AFFO in a range of $10.31 to $10.50 per share. American Tower expects 2025 revenue between $9.92 billion and $10.07 billion.
The company said demand for connectivity across its global platform continues unabated, despite a challenging macroeconomic environment.
It believes strategic steps taken to enhance earnings quality through portfolio management and disciplined capital allocation have positioned it well to navigate volatility. Reuters