Thu, Oct. 29, 2:40 PM
- After a significant outage knocked its earnings conference call offline, American Tower (AMT +0.7%) has rescheduled the call for tomorrow.
- It's now set for 8:30 a.m. ET tomorrow. As with today, it will feature the company's prepared remarks as well as a question-and-answer session.
- Today's partial call
- Previously: American Tower up 0.8% with revenues growing 19% (Oct. 29 2015)
- Previously: American Tower beats by $0.10, beats on revenue (Oct. 29 2015)
Thu, Oct. 29, 9:55 AM
- American Tower (NYSE:AMT) is up 0.8% after its Q3 report where FFO and EBITDA climbed solidly while net income fell 62% and missed expectations due to impact from currencies and a $93M charge.
- Adjusted FFO was up 21.4% to $558M and adjusted EBITDA increased 17% to $779M vs. expectations for $770M. The company took a one-time cash charge of $93M related to a tax election in folding Global Tower Partners REIT into the American Tower REIT.
- Revenue by segment: Domestic rental and management, $808M (up 21.8%); International rental and management, $405M (up 16.5%); Network Development Services, $25M.
- Taking into account various currency fluctuations, the company cut the midpoint of its 2015 guidance for rental and management revenue by $20M (now $4.635B-$4.665B) and raised the midpoint for adjusted EBITDA by $5M (now $3.035B-$3.055B vs. an expected $3.035B) and for AFFO by $10M (now $2.115B-$2.135B). It's forecasting full-year net income of $670M-$690M.
- Press Release
Thu, Oct. 29, 7:04 AM
Wed, Oct. 28, 5:30 PM
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Wed, Oct. 21, 8:59 AM
- American Tower (NYSE:AMT) is up 1.4% premarket after taking a controlling interest in Viom Networks, which owns and runs a portfolio of 42,200 towers and 200 antenna systems across India, for 76B rupees ($1.17B).
- The move adds substantially to American Tower's holdings of about 97,000 communications sites. American Tower may acquire the rest, or be required to acquire the rest under some conditions.
- Also, after merging its existing 14,000 Indian towers with Viom's, some adjustments may be required for ownership in country. Tata Teleservices and private-equity firms will retain some minority holdings.
- American Tower expects the deal to be immediately accretive to its AFFO/share. In its last quarter, Viom drew about 50B rupees ($767M) in revenue and had about 21B rupees ($322M) in gross margin.
- The deal's expected to close in mid-2016. American Tower says it intends to maintain its investment grade rating while financing the deal.
Mon, Oct. 19, 4:33 PM
- American Tower (NYSE:AMT) has named Robert Hormats to the board, to serve until the next annual meeting or until a successor is qualified and elected.
- Hormats is vice chairman of Kissinger Associates, and was previously in the State Dept. and a veteran of Goldman Sachs, where he served as vice chairman (International) and managing director.
Fri, Sep. 25, 10:32 AM
- American Tower (NYSE:AMT) is up 1.3% as Macquarie's Kevin Smithen reiterates an Outperform rating after a visit to HQ.
- Smithen has a price target on the company of $114; shares are currently trading at $89.15, implying 28% upside.
- “We view AMT as one of the highest-quality companies in the market trading at near trough valuations and we urge value and growth investors to aggressively buy this blue-chip tower bellwether at current levels," he writes.
- Some fears should be alleviated by S&P bumping its outlook on American Tower to stable, from negative, and upcoming analyst-day updates on specific international markets should resolve some worries about emerging-market exposure.
Thu, Sep. 10, 4:43 PM
Fri, Sep. 4, 12:58 PM
- Posting a total return of 2.38% as of August 18, the FTSE NAREIT All Equity REIT index ended up the month with a loss of 5.82%, a slim 18 basis points better than the S&P 500.
- The least-bad sectors were infrastructure REITs - American Tower (NYSE:AMT) and Crown Castle (NYSE:CCI) come to mind - down 1.4% in August and 1.5% YTD, and self-storage REITs - PSA, SSS, CUBE, EXR - down 1.9% in August, but up a big 13.4% YTD (best in sector).
- Hardest hit last month were office REITs - GOV, EQC, BXP, WRE are examples - falling 8.65%.
- Source: REIT Cafe
- ETFs: IYR, VNQ, DRN, URE, RQI, SCHH, ICF, SRS, RWR, RNP, JRS, KBWY, RFI, NRO, DRV, RIT, REK, RIF, FRI, FTY, PSR, DRA, FREL, WREI, IARAX
Wed, Aug. 19, 11:45 AM
- South Africa's MTN Group (OTCPK:MTNOY -2.5%) is the latest to discuss a major cell-tower sale, having begun talks with tower operator IHS Holding over a possible $2B deal, Bloomberg reports.
- MTN, with 231M subscribers across a 22-market footprint, has about 19,000 sites in South Africa.
- The deal -- in which MTN could retain a large stake in the towers via a joint venture -- is the latest move in a bit of a wireless asset rush in Africa, with firms like Helios Towers Africa and American Tower (NYSE:AMT) looking to build infrastructure
- IHS is Africa's largest independent tower company but may be racing to the deal against American Tower, which had previously expressed interest.
Thu, Aug. 6, 3:39 PM
- American Tower (NYSE:AMT) is up 1.3% after Morgan Stanley, taking a fresh look at telecom towers firms, upgraded the stock to Overweight, from Equal Weight.
- Analyst Simon Flannery set a price target on the shares at $116, up from $101. The stock closed yesterday at $96.68 and is trading today at $97.85. That comes to an 18.5% upside from current prices.
- It's been a slow year for towers firms, he writes, but he likes the group going into 2016, with telecoms expected to re-accelerate spending.
- He holds an existing Overweight rating on SBA Communications (NASDAQ:SBAC) with its price target raised to $151 from $130 (shares are up 0.2% today to $120.97, implying near 25% upside) and an Overweight on Crown Castle International (NYSE:CCI) with a price target of $94 (shares are down 0.4% today to $81.91, implying near 15% upside).
Wed, Jul. 29, 10:08 AM
- American Tower (NYSE:AMT) is off in early action, -2.2%, after Q2 revenue that grew 13.6% missed expectations slightly.
- Net income fell 43.8%, to $129M, mainly due to $75M in one-time debt retirement costs. Total rental and management revenue grew 14.8% (core growth of 23.2%, and organic core growth of about 7.3%).
- Revenue by segment: Domestic rental and management, $803M (up 21.7%); International rental and management, $351M (up 1.6%); Network Development Services, $20M.
- Cash from operations fell 3.3% to $1.036B for the first half.
- AMT raised its full-year guidance on AFFO to $2.095B-$2.135B (midpoint up 16.5%); adjusted EBITDA of $3.02B-$3.06B (midpoint up 14.7%); and total rental and management revneue of $4.645B-$4.695B (midpoint up 16.6%). Net income is expected at $705M-$735M (midpoint down 10.4%).
- That outlook includes a one-time charge of $92M it expects to take after filing a tax election after which Global Tower Partners REIT wouldn't operate as a separate REIT for tax purposes.
- Press Release
Wed, Jul. 29, 7:02 AM
Tue, Jul. 28, 5:30 PM
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Fri, Jul. 10, 11:18 AM
- American Tower (NYSE:AMT) is up 1% as Pacific Crest boosts its price target to $116, from $114.
- Shares closed yesterday at $94.37 and are currently up to $95.32. Pacific Crest maintains an Overweight rating on the stock.
- The analysts point to its $1.05B acquisition of 4,700 towers from Bharti Airtel in noting that international expansion is critical to American Tower's growth.
- AMT expects international operations to increase organic core revenue 10%, Pacific Crest says.
Mon, Jul. 6, 7:01 PM
- Bharti Airtel (OTC:BHRQY) has sold its towers in five African countries for almost $1.3B, which it says it will use to reduce debt.
- The move is an early phase in what will be tower divestment in 13 African countries. The company closed on agreements with Helios Towers Africa for Chad and Tanzania, and with American Tower (NYSE:AMT) on 4,700 sites in Nigeria.
- Bharti Airtel had 18,819 sites across African operations at last report, with 76.26M subscribers that generated Q1 revenues of $1B.
American Tower Corp is an owner, operator and developer of wireless and broadcast communications real estate. The Company's main business is leasing antenna space on multi-tenant communications sites to different providers.
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