Compared to Estimates, American Tower (AMT) Q2 Earnings: A Look at Key Metrics
For the quarter ended June 2024, American Tower (AMT) reported revenue of $2.9 billion, up 4.6% over the same period last year. EPS came in at $2.79, compared to $1.02 in the year-ago quarter.
The reported revenue compares to the Zacks Consensus Estimate of $2.81 billion, representing a surprise of +3.36%. The company delivered an EPS surprise of +10.28%, with the consensus EPS estimate being $2.53.
While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.
Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.
Here is how American Tower performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
- Organic Tenant Billings Growth - Total International: 5.5% versus 4.1% estimated by three analysts on average.
- International - Ending Balance: 180,291 compared to the 181,154 average estimate based on three analysts.
- U.S. & Canada - Ending Balance: 42,124 versus the three-analyst average estimate of 42,417.
- Total - Ending Balance: 222,415 versus 223,379 estimated by three analysts on average.
- Geographic Revenues- Total International: $1.31 billion compared to the $1.24 billion average estimate based on three analysts. The reported number represents a change of +7% year over year.
- Geographic Revenues- U.S. & Canada: $1.32 billion versus $1.31 billion estimated by three analysts on average. Compared to the year-ago quarter, this number represents a +0.9% change.
- Geographic Revenues- Latin America: $449 million versus the two-analyst average estimate of $419.17 million. The reported number represents a year-over-year change of +2.3%.
- Geographic Revenues- Asia-Pacific: $361 million versus $313.57 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a +37.8% change.
- Geographic Revenues- Europe: $203 million compared to the $194.32 million average estimate based on two analysts. The reported number represents a change of +2.5% year over year.
- Total operating revenues- Data Centers: $231 million compared to the $224.83 million average estimate based on three analysts. The reported number represents a change of +12.7% year over year.
- Total operating revenues- Services: $47 million compared to the $41.26 million average estimate based on three analysts. The reported number represents a change of +9.3% year over year.
- Total operating revenues- Total Property: $2.85 billion versus the three-analyst average estimate of $2.77 billion. The reported number represents a year-over-year change of +4.5%.
Shares of American Tower have returned +10.8% over the past month versus the Zacks S&P 500 composite's +0.1% change. The stock currently has a Zacks Rank #2 (Buy), indicating that it could outperform the broader market in the near term.
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