American Tower Reports Fourth Quarter and Full Year 2017 Financial Results

American Tower Corporation (NYSE:AMT) yesterday reported financial results for the quarter and full year ended December 31, 2017.

Jim Taiclet, American Tower’s Chief Executive Officer stated, “In 2007, American Tower initiated a long-term aspirational strategy which included a target of quadrupling both the size of our communications site portfolio and our financial performance over a ten-year time horizon.” Taiclet said the company far exceeded both objectives, with over 150,000 sites versus a goal of 100,000 sites, and $6.72 per share of Consolidated AFFO versus a goal of $6 per share. “Moreover, in 2017,” he said “we delivered growth of nearly 16 percent in Consolidated AFFO per Share, expanded our return on invested capital, increased our common stock dividend by more than 20 percent, and repurchased approximately $770 million in stock.”

CONSOLIDATED HIGHLIGHTS

Fourth Quarter 2017

  • Total revenue increased 10.7% to $1,705 million
  • Property revenue increased 10.3% to $1,678 million
  • Net income decreased 16.3% to $195 million
  • Adjusted EBITDA increased 10.2% to $1,031 million
  • Consolidated AFFO increased 8.0% to $707 million

 

Full Year 2017

  • Total revenue increased 15.2% to $6,664 million
  • Property revenue increased 14.9% to $6,566 million
  • Net income increased 26.3% to $1,225 million
  • Adjusted EBITDA increased 15.1% to $4,090 million
  • Consolidated AFFO increased 16.5% to $2,902 million

 

Taiclet said he looks forward to strong organic tenant billings growth of over six percent in the U.S., driven by unlimited data plans, increasing mobile video consumption, announced spectrum build-outs in the 2.5 GHz and 600 MHz bands and the planned FirstNet deployment.

Internationally, AMT expects consistent demand for tower space in Latin America, notably in Mexico and Brazil, as well as robust activity in the EMEA region. With carriers consolidating in India, Taiclet said the industry will be positioned for major network investments to bring 4G service to the country’s 1.3 billion people and “providing strong growth opportunities for our extensive portfolio.”

February 28, 2018

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